Daily chart: The GBP/USD was able to consolidate above the support level of 1.6235, so this pair will now try to climb to the 1.6326 level to fill the bearish gap completely. It is very likely that the bullish retracement extends to the resistance level of 1.6540, where the 200-day moving average is. The MACD indicator remains in negative territory.
H4 chart: The GBP/USD is trying to form a bullish pattern above the 1.6247 level and now, this pair is moving in a range. If the GBP/USD manages to make a breakout at the level of 1.6300, it would be expected to rise to the level of 1.6435. On the other hand, if this pair makes a pullback at current levels, it would be expected to fall to the level of 1.6004. The MACD indicator is entering neutral territory.
H1 chart: This pair has succeeded in approaching the 200-day moving average, where the GBPUSD is trying to form a higher high pattern. If the GBP/USD manages to make a breakout at the resistance level of 1.6291, the next goal would be the level of 1.6338. For now, caution is advised when placing sell orders. The MACD indicator stays in positive 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 1.6252, take profit is at 1.6216, and stop loss is at 1.6288.
The material has been provided by InstaForex Company - www.instaforex.com
