Daily chart: After the sharp drop this pair had last week, during yesterday's session the pair managed to recover. However, this pair is trying to consolidate above the support level of 1.6540, but it still has high chances of falling in the medium term. If this pair manages to break the resistance level of 1.6663, it is expected to rise to the level of 1.6851. The MACD indicator is still in positive territory.
H4 chart: The GBP/USD formed a fractal near the support level of 1.6483. If this pair manages to break the resistance level of 1.6592, it's expected to rise to the level of 1.6644, which is a fairly strong level and blocking the bullish action of this pair. Furthermore, if this pair manages to break the support level at 1.6570, it's expected to fall to the level of 1.6516. The MACD indicator is entering neutral territory.
H1 chart: This pair is consolidating above the 200 SMA and above the point of control at the level of 1.6570. In addition, the GBP/USD is forming a bullish pattern and if this pair manages to break that level, it would be expected to rise to the level of 1.6629. On the other hand, if the pair finds strong resistance in the point of control, it would be expected to fall to the support level of 1.6544. The MACD indicator is entering extremely overbought zone and in neutral 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 level is at 1.6578, take profit is at 1.6629, and stop loss is at 1.6526.
The material has been provided by InstaForex Company - www.instaforex.com
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