Daily chart: Yesterday, GBPUSD was completely dominated by the bulls. The pair managed to break the resistance level at 1.6046, and now it is trying to break the 1.6146 level. If the pair manages to break that level, it is expected to rise to the level of 1.6235. On the other hand, if this pair makes a bearish rebound at current levels, it would be expected to fall to the level of 1.6046. The MACD indicator is entering extreme oversold zone and in neutral territory.
H4 chart: This pair made a sharp bullish rebound on the 200 SMA and quickly, this pair managed to consolidate above 1.6004 level. Now, this pair is trying to break the resistance level at 1.6164. If successful, it is expected to rise to the level of 1.6247. For now, it is likely that this pair begins to form a lower high pattern below this level. The MACD indicator is entering extremely overbought area.
H1 chart: This pair is forming a lower high pattern above the support at the level of 1.6117. If this pair manages to break the resistance level of 1.6170, it is expected to rise to the level of 1.6216. Furthermore, if GBPUSD manages to break the support level of 1.6117, it is expected to drop to the level of 1.6075. GBPUSD remains above the 200-day moving average and the MACD indicator continues in negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6170, take profit is at 1.6216, and stop loss is at 1.6126.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: Yesterday, GBPUSD was completely dominated by the bulls. The pair managed to break the resistance level at 1.6046, and now it is trying to break the 1.6146 level. If the pair manages to break that level, it is expected to rise to the level of 1.6235. On the other hand, if this pair makes a bearish rebound at current levels, it would be expected to fall to the level of 1.6046. The MACD indicator is entering extreme oversold zone and in neutral territory.
H4 chart: This pair made a sharp bullish rebound on the 200 SMA and quickly, this pair managed to consolidate above 1.6004 level. Now, this pair is trying to break the resistance level at 1.6164. If successful, it is expected to rise to the level of 1.6247. For now, it is likely that this pair begins to form a lower high pattern below this level. The MACD indicator is entering extremely overbought area.
H1 chart: This pair is forming a lower high pattern above the support at the level of 1.6117. If this pair manages to break the resistance level of 1.6170, it is expected to rise to the level of 1.6216. Furthermore, if GBPUSD manages to break the support level of 1.6117, it is expected to drop to the level of 1.6075. GBPUSD remains above the 200-day moving average and the MACD indicator continues in negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6170, take profit is at 1.6216, and stop loss is at 1.6126.
The material has been provided by InstaForex Company – www.instaforex.com
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