Daily chart: The GBP/USD remains above the support level of 1.6766, it's expected to continue corrective movements since the GBP/USD has been in a lateralized bullish trend. The goal remains the resistance level of 1.6851. However, a breakout in the support level of 1.6766, this pair could lead to fall to the level of 1.6663. The MACD indicator is in positive territory.
H4 chart: This pair remains above the 200 SMA and the bearish trend line, at the 1.6715 level. Now, this pair is likely to rise again to the resistance level of 1.6822. However, care should be taken with a fall of GBP/USD to the support level of 1.6683. The MACD indicator is in negative territory.
H1 chart: The GBP/USD found resistance at the level of 1.6800, so that this pair remains within the range between that level and the support level of 1.6750. If the pair manages to make a breakout at the support level, it is expected to fall to the level of 1.6700. The MACD indicator is still in negative territory and GBP/USD remains above the 200 SMA.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6800, take profit is at 1.6850, and stop loss is at 1.6750.
The material has been provided by InstaForex Company - www.instaforex.com
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