Daily chart: GBP/USD has made a pullback at the resistance level of 1.6447, so now this pair is trying to consolidate above the support level of 1.6326 to the 1.6447 level. If the GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.6540 in the short term. However, this pair remains strong in the current bullish bias. The MACD indicator is in positive territory.
H4 chart: The GBP/USD has made a rebound on the bearish trend line above 1.6255. If the GBP/USD manages to make a breakout at the 1.6370 level, the following target would be the level of 1.6435, in which it is close to the 200-day moving average. This pair could meet resistance at the 200-day moving average. The MACD indicator is entering neutral territory.
H1 chart: The GBP/USD has done has made a successful breakout at the level of 1.6338, and now this pair is trying to of makes a breakout at the 1.6375 level. If it succeeds, it would be expected to rise to the level of 1.6419. The MACD indicator stays in positive territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance is at 1.6375, take profit is at 1.6419, and stop loss is at 1.6329.
The material has been provided by InstaForex Company - www.instaforex.com
