Daily chart: The GBP/USD remains above the support level of 1.6766. For now, the bullish bias is kept alive, as this pair has formed a fractal below the support level of 1.6766, which could give to the GBP/USD a bullish momentum for the next days. If the pair manages to consolidate above the 1.6851 level, it's expected to rise to the level of 1.7000. The MACD indicator is entering neutral territory.
H4 chart: The GBP/USD has been strengthened again over the support level of 1.6785. If the pair manages to make a breakout on the resistance level of 1.6841, it's expected to rise to the level of 1.6900. On the other hand, it's expected to fall to the support level of 1.6785 if the pair takes a bearish rebound to current levels. The MACD indicator is in positive territory.
H1 chart: This pair has made a breakout level of 1.6800, so that the next target for the GBP/USD is the resistance level of 1.6850. If the pair manages to consolidate above this level, it would be expected to rise to the resistance level of 1.6900. By now, we should wait for a bullish pattern formation as the GBP/USD is above the 200 SMA. MACD is in 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 1.6850, 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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