Daily chart: The GBP/USD pair continues strenghtening the bearish trend below the moving average of 200. This pair is likely to fall to the support level of 1.6540. If the GBP/USD pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6447. For now, it is advisable to wait for the GBP/USD pair to make a breakout at that level, to continue placing sell orders. The indicator MACD is staying in the negative territory.
H4 chart: The GBP/USD pair held a pullback at the resistance level of 1.6644. Now, this pair is trying to make a breakout at the support level of 1.6583. If the GBP/USD pair manages to make a breakout at the 1.6553 level, it would be expected to fall to the support level of 1.6464.
H1 chart: This pair has filled the bullish gap left open this week. So, now the GBP/USD pair is trying to form a higher low pattern below the resistance level of 1.6629. If the GBP/USD pair manages to make a breakout at the support level of 1.6578, it would be expected to fall down to the level of 1.6544. The MACD inciator is entering the 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
