Daily chart: The GBP/USD attempted to consolidate above the resistance level of 1.6663. However, this pair remains below that level and still forming a higher low pattern, so it is very likely that this pair will try to drop the support level of 1.6540. On the other hand, if the pair manages to consolidate above the 1.6663 level, it's expected to rise to the resistance level of 1.6766, which would be a strong bullish consolidation. The MACD indicator is in negative territory.
H4 chart: This pair found resistance near the 1.6667 level. Now, this pair is keeping consolidating below the level of 1.6644. Furthermore, the GBP/USD remains above the 200-day moving average, so you have to be patient before a bullish rebound. However, if the pair manages to make a breakout at the level of 1.6583, GBP/USD would be consolidating into a bearish bias. The MACD indicator is entering neutral territory.
H1 chart: The GBP/USD made a bearish rebound near the resistance level of 1.6700, where the 200-day moving average is. Now this pair is forming a bearish pattern below the point of control at the level of 1.6629. If the pair manages to make a breakout at the support level of 1.6578, it's expected to fall to the level of 1.6544. The MACD indicator is in negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.
The material has been provided by InstaForex Company - www.instaforex.com
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