Daily chart: The GBP/USD is trying to make a breakout at the resistance level of 1.6540. If successful, it is expected to rise to the level of 1.6663 in the medium term, which would be a consolidation in the current bullish bias. However, if this pair makes a bearish rebound at that resistance level, it would be expected to fall to the level of 1.6500. The MACD indicator is in negative territory.
H4 chart: This pair is consolidating above the support level of 1.6516, so it is very likely that the GBP/USD is rising to the resistance level of 1.6583, where the 200-day moving average is. If the pair manages to consolidate above this level, it would be expected to rise to the level of 1.6644. The MACD indicator is in positive territory.
H1 chart: The GBP/USD has made a rebound at the point of control at the level of 1.6475 and now this pair is consolidating above the support level of 1.6507 with the formation of a lower high pattern. If the pair manages to make a breakout at the resistance level of 1.6544, it's expected to rise to the level of 1.6578. The MACD indicator is in positive 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 1.6507, take profit is at 1.6464, and stop loss is at 1.6549.
The material has been provided by InstaForex Company - www.instaforex.com
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