On H4, the quotes are above the 200-day Moving Average, which signifies prevalence of an uptrend. However, the RSI is nearing the overbought area. As a result, the quotes are expected to test 7/8 (1.0620), a bounce off it, and falling to the support level of 5/8 (1.0376). The scenario can be cancelled by rising over 7/8 (1.0620), in which case the pair should continue growing and reach 8/8 (1.0742).
On M15, the lower line of VoltyChannel is too far from the current price, so a signal to fall will be a bounce off 7/8 (1.0620) on H4.
GBPUSD, “Great Britain Pound vs US Dollar”
The situation of the GBPUSD chart is similar. On H4, the quotes are above the 200-day Moving Average, and the RSI is nearing the overbought area. A test of 7/8 (1.2451) is expected, followed by a bounce off it and falling to the support level of 5/8 (1.1962). The scenario can be cancelled by rising over the resistance level of 7/8 (1.2451), which might provoke further growth to 8/8 (1.2695).
On M15, the lower line of VoltyChannel is too far from the current price, so a signal to fall will be a bounce off 7/8 (1.2451) on H4.
