Daily chart: The pair tried to make a breakout at the resistance level of 1.6326, but the GBP/USD encountered strong resistance at that level. Now, the GBP/USD is trying to perform a correcitve movement to the 200-day moving average on this chart. In addition, this pair has formed a fractal near the support level of 1.6146. The MACD indicator is in positive territory.
H4 chart: The GBP/USD encountered strong resistance at the level of 1.6350 and now, this pair is trying to make a breakout at the support level of 1.6247. If the GBPUSD consolidates below that level, it would be expected to fall to the support level of 1.6051, which would be a bearish consolidation. The MACD indicator is in positive territory.
H1 chart: The GBPUSD has encountered resistance at the level of 1.6338, where this pair has formed a fractal. Now, the GBP/USD is trying to form a lower low pattern below the moving average of 200. If the GBP/USD manages to make a breakout at the support level of 1.6252, it's expected to fall to the level of 1.6216. 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 1.6252, take profit is at 1.6216, and stop loss is at 1.6289.
The material has been provided by InstaForex Company - www.instaforex.com
