INTRADAY PIVOT LEVEL:
Resistance. 3: 1.6021.
Midpoint. 5: 1.5987.
Resistance. 2: 1.5953.
Midpoint. 4: 1.5933.
Resistance. 1: 1.5913.
Midpoint. 3: 1.5879
Pivot Point : 1.5845.
Midpoint. 2: 1.5825.
Support. 1: 1.5805.
Midpoint. 1: 1.5771.
Support. 2: 1.5737.
Midpoint. 0: 1.5717.
Support. 3: 1.5697.
DESCRIPTION :
As we know, the bias for GBP/USD for mid term is upward. This confirmed by the Exponential Moving Average of period 50 in 4-hour chart, and 60-minute chart. It is still below the price action and the slope from the Exponential Moving Average is still pointing upside too. Otherwise, the MACD (8,17,9) is still above the zero level (in the BUY Zone) and the RSI (14) its still above the 50 level. However, there is a probability for today this pair will be going down. This is already indicated by the divergence between the price action and the Stochastic Oscillator ( 5,3,3) and the MACD histogram (8,17,9), and the MACD (8,14,9) has been already crossing downwards in the BUY Zone. It means a Speculative SELL happened in this pair. If today this currency can breach and close below the M4 level (1.5933) it will go down to the Resistance. 1 level at 1.5913; and there is a possibility for this pair to touch the gap from today's spike at the M3 levels (1.5879; however if today the GBP/USD can breach and close above the M5 at 1.5987 there is a chance for this pair to go up to Resistance. 3 at 1.6021.
Best regards,
Official Analyst of InstaForex Group
InstaForex Group
https://instaforex.com
Email : Arief.jakarta@indo.instaforex.com
blog.mt5.com/arief
https://www.mt5.com/forex_analysis_award/profile/index/arief
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