Daily chart: The GBP/USD made a bullish rebound above the support level of 1.6663 and now, this pair will try to climb up to the resistance level of 1.6766. If the pair manages to make a breakout at that level, it will be expected to rise to the resistance level of 1.6851. For now, we recommend placing buy orders on this pair as the GBP/USD has been strengthened in the current bullish bias. The MACD indicator is in neutral territory.
H4 chart: The GBP/USD has consolidated above the 1.6700 level, so it is very likely that this pair continue up toward the resistance level of 1.6822, which is located one bullish trend line. However, it is expected to fall to the support level of 1.6667 if it takes a bearish rebound to current levels. The MACD indicator is in positive territory.
H1 chart: The pair is forming a bullish pattern near the point of control at the level of 1.6725, after the GBP/USD has established itself above the support level of 1.6700. If the pair manages to make a breakout on the resistance level of 1.6750, it's expected to rise to the level of 1.6800. On the other hand, if it manages to make a breakout in the support level of 1.6700, it's expected to fall to the level of 1.6629. The MACD indicator is in the overbought zone and GBP/USD remains above the 200 SMA.
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 1.6750, take profit is at 1.6800, and stop loss is at 1.6700.
The material has been provided by InstaForex Company - www.instaforex.com
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