analytics5fae5596cd394.jpg

Overview :

The GBP/USD pair broke 1.3224 level strongly and settled below it, which turns the intraday track to the downside, on its way to reach 1.2913 before resuming the bullish trend again. So, the expected trend for today – Bearish Market.

The GBP/USD pair shows some bearish bias to approach testing the key support 1.3065. The expected trading range for today is between 1.3224 support and 1.2913 resistance.

However, on the downside, firm break of 1.3160 minor support support will turn bias back to the downside for 1.3065 support instead.

Therefore, the bearish bias will be expected for today, noting that breaching 1.3224 and holding below it will stop the negative scenario and push the price to regain the main bearish trend that its next main target located at 1.3065.

Equally important, the RSI and the moving average (100) are still calling for a downtrend. Hence, the market indicates a bullish opportunity at the level of 1.3065 in the H1 chart.

Also, if the trend is buoyant, then the currency pair strength will be defined as following: GBP is in an uptrend and USD is in a downtrend.

Sell below the minor support of 1.3160 with the first target at 1.3065 (this price is coinciding with the ratio of 38.2% Fibonacci), and continue towards 1.3007.

The price will fall into the bearish market in order to go further towards the strong support at 1.2913 to test it again. Furthermore, the level of 1.2913 will form a double bottom.

On the other hand, if the price closes above the major resistance, the best location for the stop loss order is seen above 1.3312.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.