InstaForex - Analytics

    InstaForex

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    GOLD Intraday Technical Analysis

    In the daily chart, GBP/USD is still trading sideways below the resistance zone of 1.5755. Moreover, the current structure remains strong and pointing to the upside because 200 SMA is bullish. There is a chance of another pullback towards that moving average. The MACD indicator remains in the negative territory.

    1435702471_GBPUSDDaily.png

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    The short-term picture is still dominated by sideways moves as the pair was rejected by the resistance level of 1.5740 during Tuesday's session. However, a breakout of the support around 1.5687 would open the doors to test the next low of 1.5650 in coming hours.

    1435702481_GBPUSDH1.png

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    Daily chart's resistance levels: 1.5755 / 1.5898

    Daily chart's support levels: 1.5543 / 1.5450

    H1 chart's resistance levels: 1.5740 / 1.5789

    H1 chart's support levels: 1.5687 / 1.5650

    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 1.5740, take profit is at 1.5789, and stop loss is at 1.5693.


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