Daily chart: GBP/USD was unable to break the resistance level of 1.5407. Now, it is very likely that this pair will fall to the support level at 1.5266. However, keep in mind that these movements could help form a lower high pattern. If GBP/USD manages to break that resistance level, it would be expected to rise to the level of 1.5506, very close to the 200 day moving average. At current levels, we cannot rule out a change in the trend for this pair, but there are still no clear patterns to prove it. The MACD indicator remains in a positive territory.
H4 chart: This pair is within that range between 1.5411 and 1.5341 levels. Right now, the GBPUSD is trying to break the support at the 1.5341 level, to fall to the support level at 1.5260, which houses the 200 day moving average. There is the possibility that the GBPUSD will do a bullish rebound on the current levels and rise again until the resistance level at 1.5411. Meanwhile, it is advisable to place orders, because the GBPUSD has no clear trend. The MACD indicator is in negative territory.
Show full picture H1 chart: GBP/USD met strong resistance at the 1.5406 level. Now, this pair is forming a higher low pattern and is trying to break the support at the 1.5333 level. If the pair manages to break that level, it is expected to fall to the level of 1.5296. On the other hand, if GBP/USD manages to break the resistance at the 1.5351 level, it would be expected to rise to the level of 1.5376. It is very likely that GBP/USD will have a bullish rebound at the current levels, where the Point of Control (POC) is formed. The MACD indicator remains in a negative territory, but showing extreme oversoldness and weakness in the current bearish trend.
Show full picture Fundamental outlook: For today’s session, the CB Consumer Confidence will be publishedat 14:00 GMT in the United States (previous: 81.4; forecast: 81.1).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 1.5333, take profit is at 1.5296, and stop loss is at 1.5369.
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Performed by Felipe Erazo, Analytical expert InstaForex Group © 2007-2013 |
GBP/USD daily analysis for July 30, 2013
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