Daily chart: This pair has made a bullish rebound on the trend line near to the 1.6450 level. It is very likely that the GBP/USD rises to the resistance level of 1.6540. If the pair manages to make a breakout at that level, it would be expected to rise to the resistance level of 1.6663. On the other hand, if the pair manages to make a breakout at the 1.6447 level, it's expected to fall to the level of 1.6326. The MACD indicator is in negative territory.
H4 chart: The GBP/USD stays below the resistance level of 1.6516 and 200 SMA. For now, this pair continues forming a higher low pattern. If this pair does consolidate below the 1.6435 level, it's expected to fall to the support level of 1.6336. For now, if the GBP/USD manages to make a breakout at the 1.6516 level, it's expected to rise to the level of 1.6583. The MACD indicator is in positive territory.
H1 chart: This pair remains above the point of control at the level of 1.6480. However, this pair was strongly very close to the 1.6544 resistance level, so that the pair is maintained in a bearish outlook. If GBP/USD manages to make a breakout in the support level of 1.6464, it's expected to fall to the level of 1.6419. The MACD indicator is in neutral 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 1.6464, take profit is at 1.6419, and stop loss is at 1.6510.
The material has been provided by InstaForex Company - www.instaforex.com
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