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Daily chart: This pair has made a bullish rebound on the moving average of 200 and the beginning of the week, it opened with an upward gap. However, it is known that the GBPUSD could fall back to the support at 1.5506 level, because this has to fill the space left by the gap. If the pair manages to consolidate below the 200 day moving average, is expected to fall to the level of 1.5407. On the other hand, if the GBPUSD can close today’s session above support at 1.5506 level is expected to rise to the level of 1.5642. The MACD indicator remains in negative territory.
H4 chart: The GBPUSD remains above the 200 day moving average and this began the week above resistance level 1.5512. It is very likely that this pair fall back to the SMA 200, near the 1.5445 level. If this pair does break the support at the level of 1.5411, it is expected to drop to the level of 1.5341. On the other hand, if the pair managed to break the resistance at the 1.5604 level, would be expected to rise to the level of 1.5698, which would strengthen one bullish outlook for this pair, in the medium term. The MACD indicator remains in positive territory.
H1 chart: GBPUSD is falling below the resistance level at 1.5534 and below the SMA 200. This pair is likely to fall to support at the 1.5501 level and if you can break it, would be expected to fall to 1.5640 level a very important support, because of its strength. On the other hand, if the pair manages to break the resistance at the 1.5534 level, it’s expected to rise to the level of 1.5590, although this is unlikely, due to the strong weakness has presented this pair in recent days due to the situation in Syria. The MACD indicator remains in positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5460, take profit is at 1.5406, and stop loss is at 1.5513.
Source: www.instaforex.com
