Daily chart: The GBP/USD has made a breakout in the support level of 1.6668, so now this pair is trying to consolidate below the moving average of 200. The next objective in the bearish road is the support level of 1.6540. If the GBP/USD manages to make a breakout at that level, it would be expected to fall to the support level of 1.6447. The MACD indicator remains in negative territory.
H4 chart: The GBP/USD is trying to form a bearish pattern below the resistance level of 1.6644, so it is likely that the pair will fall to the support level of 1.6583. If the GBP/USD manages to make a breakout at that level, the next target would be the level of 1.6553. However, the GBP/USD could make a rebound at current levels and climb back up to the resistance level of 1.6644. The MACD indicator remains in negative territory.
H1 chart: This pair has filled the bullish gap left open this week, so now the GBP/USD is trying to form a higher low pattern below the resistance level of 1.6629. If the GBP/USD manages to make a breakout at the support level of 1.6578, it would be expected to fall down to level of 1.6544. The MACD inciator is entering negative territory and oversold levels.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6578, take profit is at 1.6544, and stop loss is at 1.6612.
The material has been provided by InstaForex Company - www.instaforex.com
