Daily chart: GBP/USD opened the week with a strong bearish gap below the resistance level of 1.6235, by what this pair could rise to the level of 1.6326 to fill that gap. However GBP/USD could lose the bullish momentum at 1.6235 and is likely to fall to the support level of 1.6146. The MACD indicator remains in negative territory.
H4 chart: The GBP/USD is below the resistance level 1.6247, and it is likely that this pair tries to make a breakout at that level to climb to the resistance level of 1.6350 to fill the bearish and try toform a bearish pattern more clearly. GBP/USD is kept below the 200-day moving average and the MACD indicator stays in negative territory.
H1 chart: As the result of the bearish gap, GBP/USD has formed a fractal at the support level of 1.6170 and now, the GBP/USD is trying to make a breakout at the resistance level of 1.6252. If it succeeds, it would be expected that it goes up the resistance level 1.6338, so the GBP/USD would have a recovery in its value due to the recent surveys by newspapers in which the Scots may would be voting in favour of the independence of Scotland from the United Kingdom.
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 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.
The material has been provided by InstaForex Company - www.instaforex.com
