Daily chart: GBP/USD has fallen to the support level of 1.6663 and this is part of the corrective movements for bullish bias on this pair, since the GBP/USD is overbought in this chart. However, if this pair makes a breakout at the support level, it is expected to fall to the level of 1.6540, which would jeopardize the bullish bias. On the other hand, it is very likely that this pair make a bullish rebound at current levels and up to the level of 1.6766. The MACD indicator is in positive territory.
H4 chart: This pair has found support at the bullish trend line near the 1.6682 level. If this pair takes a bullish rebound above that level, would be expected to rise to the resistance level of 1.6820. On the other hand, a breakout at the support level of 1.6667, GBP/USD could lead to fall to the level of 1.6644. The MACD indicator remains in negative territory and the pair remains above the 200 SMA.
H1 chart: GBP/USD is moving through the middle point of control near the psychological level of 1.6700. If the pair manages to consolidate above this level, it would be expected to rise to the resistance level of 1.6750. Furthermore, if the weakness continues in the GBP/USD, it's very likely that this pair will drop to the support level of 1.6629. The MACD indicator is entering 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 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.
The material has been provided by InstaForex Company - www.instaforex.com
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