analytics606cbb6b77678.jpg

Overview :

Pivot : 1.3811.

The GBP/USD pair broke resistance which turned to strong support at the level of 1.3806. The level of 1.3806 is expected to act as major support today. From this point, we expect the GBP/USD pair to continue moving in a bullish trend from the support levels of 1.3806 and 1.3907. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Consequently, the first support is set at the level of 1.3806 (horizontal green line). So, the market is likely to show signs of a bullish trend around the spot of 1.3806/1.3787. In other words, buy orders are recommended above the spot of 1.3806 or 1.3787 with the first target at the level of 1.3907; and continue towards 1.3940 (the weekly resistance 2). This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment. On the other hand, if the GBP/USD pair fails to break through the resistance level of 1.3969 this week, the market will decline further to 1.3806. The pair is expected to drop lower towards at least 1.3806 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as minor support today. At the same time, if a breakout happens at the support levels of 1.3787, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.

Forecast :

Buy orders are recommended above the area of 1.3811 with the first target at the level of 1.3871; and continue towards 1.3918. On the other hand, if the GBP/USD pair fails to break out through the resistance level of 1.3918; the market will decline further to the level of 1.3668.

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.