Daily chart: This pair has made a breakout at the resistance level of 1.6540 and now, the GBP/USD is consolidating above that level with the formation of a bullish pattern. The next target for this pair is the resistance level of 1.6663. If the GBP/USD does a breakout at the support level of 1.6540, it would be expected to fall to a bullish trend line. The MACD indicator is oversold.
H4 chart: The GBP/USD is facing resistance at the 200-day moving average and the level of 1.6583. If the pair manages to make a breakout at the 1.6592 level, it's expected to rise to the resistance level of 1.6644. On the other hand, it's expected to fall to the support level of 1.6516 if the pair takes a bearish rebound to current levels. The MACD indicator is in positive territory.
H1 chart: In this chart, the GBP/USD has consolidated in bullish bias above the point of control. Now this pair is trying to form a lower high pattern above the 200 SMA. If successful, it is expected to rise to the level of 1.6629. On the other hand, if the GBP/USD manages to make a breakout in the support level of 1.6544, it's expected to fall to the level of 1.6507. The MACD indicator is in the overbought zone.
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 1.6544, take profit is at 1.6507, and stop loss is at 1.6580.
The material has been provided by InstaForex Company - www.instaforex.com
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