Daily chart: GBP/USD continues falling below the 200-day moving average, the pair is falling in direction to the support level of 1.6540. If GBP/USD manages to make a breakout at that level, the next target would be the support level of 1.6447, which would mean strong bearish consolidation. The MACD indicator stays in negative territory.
H4 chart: This pair has formed a fractal close to the resistance level of 1.6583, so now GBP/USD is trying to form a bearish pattern. However, if this pair manages to make a breakout at the level of 1.6583, it would be expected to rise to the level of 1.6644. GBP/USD removed far from the 200-day moving average and the MACD indicator is entering neutral territory.
H1 chart: GBP/USD made a rebound on the support level of 1.6578, trying to climb up to the resistance level of 1.6629. If GBP/USD manages to make a breakout at this level, it would be expected to rise to the 200-day moving average. The MACD indicator is entering neutral territory.
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
