Daily chart: The GBP/USD continues to fall below the resistance level of 1.6663. Now, it is very likely that this pair will fall to the support level of 1.6540, which is set slightly bullish trend line. If GBP/USD manages to consolidate below this level, it would be expected to strengthen the bearish bias. The MACD indicator is entering neutral territory.
H4 chart: This pair continues to seek support on the 200 SMA and the support level of 1.6583. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6516. On the other hand, if the pair manages to make a breakout on the resistance level of 1.6592, it's expected to rise to the level of 1.6644. The MACD indicator is in negative territory.
H1 chart: The GBPUSD has consolidated below the 200 SMA with the formation of a bearish pattern. If the pair manages to make a breakout in the support level of 1.6578, it's expected to fall to the level of 1.6544. On the other hand, you should wait for a breakout on the resistance level of 1.6629 to continue placing buy orders. 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 1.6578, take profit is at 1.6544, and stop loss is at 1.6612.
The material has been provided by InstaForex Company - www.instaforex.com
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