Daily chart: Finally, GBPUSD managed to consolidate above the resistance level of 1.6046. Now, it is very likely that this pair is rising to the resistance level of 1.6146. Meanwhile, this pair will continue forming a lower high pattern, and if it can break this level, it is expected to rise to the resistance level of 1.6235. On the other hand, if the pair breaks the 1.6046 level, it will be expected to drop to the level of 1.5883. The MACD indicator is in extreme overbought zone and entering neutral territory.
H4 chart: This pair is trying to consolidate above the 1.6075 level, which holds just one bullish trendline. It is very likely that this pair will rise to the resistance level of 1.6164. On the other hand, if this pair makes a bearish rebound at the current levels, it will be expected to fall to the level of 1.5950. The MACD indicator remains in positive territory and GBPUSD remains above the 200-day moving average.
H1 chart: As of yesterday, the pair broke the resistance level at 1.6031 and now, this is trying to break the resistance level of 1.6075. If the pair manages to break that level, it is expected to rise to the level of 1.6117. Moreover, this pair is likely to undertake a bearish move from this resistance and rebound to fall to the level of 1.6050 to continue forming a lower high pattern. The MACD indicator is entering negative territory and remains in extreme overbought area.
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 1.6075, take profit is at 1.6117, and stop loss is at 1.6033.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: Finally, GBPUSD managed to consolidate above the resistance level of 1.6046. Now, it is very likely that this pair is rising to the resistance level of 1.6146. Meanwhile, this pair will continue forming a lower high pattern, and if it can break this level, it is expected to rise to the resistance level of 1.6235. On the other hand, if the pair breaks the 1.6046 level, it will be expected to drop to the level of 1.5883. The MACD indicator is in extreme overbought zone and entering neutral territory.
H4 chart: This pair is trying to consolidate above the 1.6075 level, which holds just one bullish trendline. It is very likely that this pair will rise to the resistance level of 1.6164. On the other hand, if this pair makes a bearish rebound at the current levels, it will be expected to fall to the level of 1.5950. The MACD indicator remains in positive territory and GBPUSD remains above the 200-day moving average.
H1 chart: As of yesterday, the pair broke the resistance level at 1.6031 and now, this is trying to break the resistance level of 1.6075. If the pair manages to break that level, it is expected to rise to the level of 1.6117. Moreover, this pair is likely to undertake a bearish move from this resistance and rebound to fall to the level of 1.6050 to continue forming a lower high pattern. The MACD indicator is entering negative territory and remains in extreme overbought area.
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 1.6075, take profit is at 1.6117, and stop loss is at 1.6033.
The material has been provided by InstaForex Company – www.instaforex.com
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