Daily chart: GBPUSD is forming a lower high pattern above the support level of 1.5506 and above the SMA 200. Today’s session can be crucial in the development of the trend on this pair because it is still above the SMA 200. However, if the pair manages to break the support level of 1.5506, development of a bearish trend in the medium term and falling to the support level of 1.5407 will be expected. The MACD indicator remains in extreme overbought and negative territiory, which can mean a bearish mood on this pair.
Show full picture H4 chart: The GBPUSD continues to trade without a definite trend because it remains within the 1.5604 and 1.5512 levels. However, it is very likely that the GBPUSD is trying to get to the 200-day moving average near the support level of 1.5436. Also, this pair will have to break the support level of 1.5512 to reach it. On the other hand, if the GBPUSD manages to break the resistance level of 1.5604, we will expect rising again to the resistance level of 1.5698. The MACD indicator is in neutral and in extreme oversold territory, which can support a bullish outlook on this pair.
Show full picture H1 chart: Close to the 200-day moving average and resistance at the 1.5590 level, the pair has formed a Point of Control (POC), which is strong resistance for this pair. It is very likely that this pair will fall to support at the 1.5534 level during today’s session. If the pair manages to break this support, it is expected to fall to the level of 1.5501. Furthermore, current trends suggest a bearish sentiment because it is very likely that the GBPUSD will rebound downwards at the current levels. The MACD indicator is entering neutral 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 1.5534, take profit is at 1.5501, and stop loss is at 1.5568.
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Performed by Felipe Erazo, Analytical expert InstaForex Group © 2007-2013 |
GBPUSD: Daily analysis for August 27, 2013
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