Daily chart: The GBP/USD continues to fall and is trying to get close to the support level of 1.7000. If the pair manages to consolidate below that level, it would be expected to fall to the support level of 1.6851 in the medium term. However, the GBP/USD remains strong in the bullish trend, although the resistance level of 1.7169 is very strong. The MACD indicator is negative territory.
H4 chart: This pair is trying to fall to the support level of 1.7062, where the pair could make a breakout and fall to the support level of 1.6995. If GBP/USD manages to make a bullish rebound on the 200-day moving average, it's expected to rise to the resistance level of 1.7179. The MACD indicator is in negative territory.
H1 chart: The GBP/USD is consolidating below the 200-day moving average, so far, the next target would be the support level of 1.7050. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.7000. For now, it is likely that the GBP/USD will try to strengthen the bearish trend. The MACD indicator is in neutral territory.
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 1.7050, take profit is at 1.7000, 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 18, 2014 . Thanks for your support on Daily analysis of GBP/USD for July 18, 2014
No comments:
Post a Comment