empty
 
 
06.08.2019 04:04 PM
GBP/USD 08.06.2019 - Potential rally is on the way

Daily view:

This image is no longer relevant

GBP found the strong support at the price of 1.2100 and I saw multiply successful tests of that support, which is sign that there is no power to break and that rally Is expected. Today, the price and value are moving higher and I see higher high and higher low based on the daily candles, which is another sign of the underlying short-term uptrend. Important resistance levels are set at 1.1250 and 1.2275.

Hourly time-frame view:

This image is no longer relevant

Based on the hourly time-frame, I found new momentum up on the MACD oscillator, which is sign of the underlying bullish pressure. I also found a successful test of the key intraday support at 1.2165 (previous swing high zone). Additionally, there is the rejection of the 20 EMA, which gives more confirmation to my bullish view.

Trading recommendation:

According to current market condition, my advice is to trade in the direction of the up momentum. Watch for buying positions.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback