Daily chart: The GBP/USD is forming a bullish pattern below the resistance level of 1.6766. Now, it is very likely that this pair will fall further in the coming days as part of the corrective movements. However, if the pair manages to make a breakout at the resistance level, it's expected to rise to the level of 1.6851. The MACD indicator is in positive territory.
H4 chart: The GBP/USD is finding support on the bearish trend line near to the 1.6715 level. If the pair manages to consolidate below that level, it would be expected to fall to the support level of 1.6683. On the other hand, if this pair makes a bullish rebound at current levels, it would be expected to go up to the resistance level of 1.6785. The MACD indicator is in negative territory.
H1 chart: This pair is consolidating below the resistance level of 1.6750 and it is likely to fall to the support level of 1.6700, where the 200 SMA is. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6629. The MACD indicator is moving into positive territory.
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 1.6750, take profit is at 1.6800, and stop loss is at 1.6700.
The material has been provided by InstaForex Company - www.instaforex.com
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