In the H4 chart, the GBP/USD continues to consolidate above the support level of 1.6051, so this pair has formed a fractal near the 1.6110 level, which could exert strong resistance on the GBP/USD. This pair is approaching the 200-day moving average resistance at the level of 1.6226, which would be the nearest bullish target on the road.
H4chart's resistance levels: 1.6100 – 1.6226
H4 chart's support levels: 1.6051 - 1.6004
The GBP/USD has found strong resistance at the level of 1.6117. This pair is still trying to consolidate above this level. On the H1 chart, the MACD indicator remains in negative territory and GBPUSD has made a rebound at 200 SMA.
H1 chart's resistance levels: 1.6117 / 1.6170
H1 chart's support levels: 1.6075 / 1.6031
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 1.6117, take profit is at 1.6170, and stop loss is at 1.6065.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for October 20, 2014 . Thanks for your support.
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