The GBP/USD is making a breakout at the resistance level of 1.6146, because this pair is in a corrective move in the daily chart. However, we must emphasize that the resistance level of 1.6235 is very strong, and those corrective movements on the GBP/USD could stop. The MACD is strengthening the current bullish bias on this pair, but we must not rule out a possible pullback to the 1.6235 level
Daily chart's resistance levels: 1.6235 / 1.6326
Dailychart's support levels: 1.6146 / 1.6046
In the H1 chart, GBP/USD is forming a higher high pattern above the support level of 1.6117 so the GBP/USD is trying to make a breakout at the level of 1.6170. This pair has formed a fractal above the 1.6170 level. However, if the GBP/USD takes a pullback at current levels, it would be expected to fall to the support level of 1.6117.
H1 chart's resistance levels: 1.6170 / 1.6216
H1 chart's support levels: 1.6117 / 1.6075
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 level is at 1.6170, take profit is at 1.6216, and stop loss is at 1.6126.
The material has been provided by InstaForex Company - www.instaforex.com
