Daily chart: The GBP/USD pair continues forming a lower low pattern below the resistance level of 1.6235. Now, this pair is concentrating efforts to fill the gap in this bearish chart. If the GBP/USD pair carries out a pullback at the current levels, it would be expected to fall until the support level of 1.6146. The MACD indicator remains in the negative territory.
H4 chart: This pair has formed a fractal at the resistance level of 1.6247. So, GBP/USD is likely to make a pullback from the current levels and fall to the support level of 1.6004. If the GBP/USD pair made a breakout at that level, the next target would be the support level of 1.5811 in the medium term. The MACD indicator stays in the positive territrory.
H1 chart: The GBP/USD pair managed to consolidate above the support level of 1.6216. So, this pair is trying to consolidate above the 200-day moving average, which is at the resistance level of 1.6291. The MACD indicator stays in the 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 1.6216, take profit is at 1.6170, and stop loss is at 1.6263.
The material has been provided by InstaForex Company - www.instaforex.com
