InstaForex - Analytics

    InstaForex

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    GOLD Intraday Technical Analysis

    GBP/USD continues to trade lower and riding a bearish bias below the 200 SMA at the daily chart. Also, we expect a bearish continuation until the support level of 1.5346 during this week. The current price action shows a fractal formation that favors bears in this time frame. The MACD indicator is also at negative territory.

     

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    Daily chart's resistance levelsDailychart's support levelsH1 chart's resistance levelsH1 chart's support levels

     

     

     

     

     

     

    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 1.5443, take profit is at 1.5358, and stop loss is at 1.5534.

     

     

     

     


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