Daily chart: GBPUSD is trying to break the resistance level at 1.6146. Last week, the pair made a bullish rebound near support at the 1.6046 level. Now, this pair is forming a lower high pattern. 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 will be expected to fall back to support at the 1.6046 level. The MACD indicator is in extreme overbought zone and entering neutral territory.
Show full picture H4 chart: Finally, this pair managed to consolidate up in this chart and now it is likely to rise to the resistance level of 1.6146. If the pair manages to break that level, it is expected to rise to the level of 1.6400 in the medium and long term, at which one bullish trendline is placed. However, if this pair makes a bearish rebound at that resistance level, it is expected to fall to the level of 1.6100. The MACD indicator remains in positive territory, which strengthens our bullish outlook in GBPUSD.
Show full picture H1 chart: During Friday’s session, GBPUSD broke the resistance at the 1.6117 level, and it is now very likely that this pair is heading up to the resistance level at 1.6170. If the pair manages to break that level, it is expected to rise to the level of 1.6216. On the other hand, if the pair breaks the support at the level of 1.6117, it is expected to fall back to the support at the level of 1.6075. For now, the bullish outlook on this pair is very much alive because GBPUSD still remains above the 200-day moving average. The MACD indicator is entering extremely overbought zone and is in neutral territory, so we should be careful when placing buy orders within today’s session.
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 1.6124.
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Performed by Felipe Erazo, Analytical expert InstaForex Group © 2007-2013 |
GBPUSD: Daily analysis for September 30, 2013
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