Daily chart: The GBP/USD pair made a pullback to the resistance level of 1.7169. However, the pair forming a bullish pattern continues below this level, so that the GBP/USD pair remains strong in the bullish trend. Currently, the pair is likely to close the week moving sideways. The MACD indicator is in the negative territory.
H4 chart: This pair remains below the bullish trend line at 1.7200, so the GBP/USD pair is trying to stay above the 200-day moving average, which is at the support level of 1.6995. If GBP/USD manages to make a breakout at the level of 1.7225, it is expected to rise to the level of 1.7260. The MACD indicator is in the negative territory.
H1 chart: The GBP/USD found resistance at the 1.7150 level. Now, this pair is making a rebound on the 200-day moving average, which is close to the point of control at the level of 1.7110. If GBP/USD manages to make a breakout at the support level of 1.7100, it is expected to fall to the level of 1.7050. The MACD indicator is entering the neutral territory.
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 1.7150, take profit is at 1.7200, and stop loss is at 1.7100.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/USD for July 11, 2014 . Thanks for your support on Daily analysis of GBP/USD for July 11, 2014
No comments:
Post a Comment