The H4 trend has a bearish direction. Note that the likely potential for the movement will continue, until the price reaches the daily rising support line. At the moment, both ParabolicSAR and the RSI(14) confirm the downward direction. Note that the price of the currency pair has also crossed the Pivot signal line from above. This is an additional bearish confirmation signal, that adds more confidence to the forecast. The Resistance at 1.67230 is confirmed by both parabolic and first Pivot resistance. This means that risks can be confidently limited at this level while bearish trading. A pending sell order can be placed at the level 1.66112, which is also confirmed by previous values of the ParabolicSAR and Pivot. The target is defined according to Fibonacci with correction focusing to historical extremes. GBP/USD chart: It would be wise to open the breakthrough order 15 minutes before publishing of the Flash Services PMI and keep the position, if the macroeconomic indicator rises above the predicted value 56.9. In any case, the position should be switched into a breakeven condition at 16:30 (CET), at this time Dallas Federal Reserve manufacturing activity index in the sphere of production from the Federal Reserve Bank of Dallas is expected to be published. Further reading: Pound/dollar forecast. Dimitry Loukashov Dimitry Loukashov Dmitry Loukashov – analytic at IFC Markets He has started his professional activities in the financial market as a trader of stocks and bonds. He has FFMS 1.0 certificate and a certificate for transactions on the MICEX. He has graduated from the Textile Institute, “Accounting, control and analysis of economic activity." Dmitry predicts the market on the basis of fundamental analysis. He has a ten-year experience and broad knowledge on the international currency market View All Post By Dimitry Loukashov Forex News Today: Daily Trading News share Read Next USD/CAD technical analysis: faces bear threats following the rejection FX Tech Strategy 8 years The H4 trend has a bearish direction. Note that the likely potential for the movement will continue, until the price reaches the daily rising support line. At the moment, both ParabolicSAR and the RSI(14) confirm the downward direction. Note that the price of the currency pair has also crossed the Pivot signal line from above. This is an additional bearish confirmation signal, that adds more confidence to the forecast. The Resistance at 1.67230 is confirmed by both parabolic and first Pivot resistance. This means that risks can be confidently limited at this level while bearish trading. A pending sell order… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
