Daily chart: GBP/USD has made a bullish rebound again at the support level of 1.6540. So this pair is trying to climb up to the resistance level of 1.6668. However, we should remember that GBP/USD is forming a higher low pattern, so it could make a breakout at the 1.6540 level and fall down to 1.6447. The MACD indicator is entering oversold zone.
H4 chart: This pair has encountered resistance at the level of 1.6605, so GBP/USD has formed a fractal at that level. For now, it is likely that the GBP/USD pair will attempt to fall up to the support level of 1.6553. If the GBP/USD manages to make a breakout at that level, the next target would be the support level of 1.6464. The MACD indicator stays in positive territory.
H1 chart: GBP/USD encountered resistance near to the 200-day moving average, so this pair returned to consolidate below the resistance level of 1.6578. For now, the next objective in the bearish road is the support level of 1.6544. If GBP/USD manages to make a breakout 1.6578 level, it would be expected to rise up to the level of 1.6629. The MACD indicator remains in negative 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 1.6544, take profit is at 1.6507, and stop loss is at 1.6581.
The material has been provided by InstaForex Company - www.instaforex.com
