Daily chart: The GBP/USD continues moving in a low range, so it is very likely that this pair will begin to make more extended corrective movements. If the pair manages to make a breakout of the support level of 1.6766, it's expected to fall to the level of 1.6663, which would be a trend change and we must be aware of that. The MACD indicator is entering neutral territory.
H4 chart: This pair has again found resistance at the level of 1.6822, so the GBP/USD is trying to make a breakout of the support level of 1.6785. If the pair manages to consolidate below that level, it would be expected to fall to the level of 1.6710, which would be very likely. However, it's advisable to keep putting buy orders above the resistance level of 1.6822. The MACD indicator is in negative territory.
H1 chart: The GBP/USD failed to make a breakout on the resistance level of 1.6800, and now it is very likely that this pair will fall to the support level of 1.6750, where the 200 SMA is located. However, if the pair manages to do. a breakout at the 1.6825 level, it's expected to rise to the level of 1.6850. The MACD indicator is in negative 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.
The material has been provided by InstaForex Company - www.instaforex.com
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