Daily chart: GBP/USD remains above the support level of 1.6663, so this pair remains steadfast in the bullish bias. However, if the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6540. On the other hand, if this pair makes a bullish rebound at this support level and forms a fractal, it's expected to rise to the resistance level of 1.6766 that would be a bullish consolidation. The MACD indicator is still in negative territory.
H4 chart: This pair has formed a fractal below the support level of 1.6644, so it is very likely that the GBPUSD follow conducting bullish movements. If the pair manages to hold above the 1.6667 level, it's expected to rise to the level of 1.6765. On the other hand, if the pair manages to make a breakout at the support level of 1.6644, it's expected to fall to the level of 1.6592. The MACD indicator is in negative territory.
H1 chart: The GBP/USD is finding support on the point of control near the level of 1.6660 and 200 SMA. If the pair manages to make a breakout at the resistance level of 1.6700, it's expected to rise to the level of 1.6750. On the other hand, keep in mind that the GBP/USD stays below the 200-day moving average, so we must be careful when placing buy orders below that level.
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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