Daily chart: The GBP/USD had a very sharp drop below the resistance level of 1.6851 to the 1.6766 level, where it is likely that this pair will begin to form a bearish pattern. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6720, where one bullish trend line is. The MACD indicator is in negative territory.
H4 chart: This pair is forming a higher low pattern below the 200 SMA and the resistance level of 1.6785. If GBP/USD manages to make a breakout at the support level of 1.6762, it's expected to fall to the level of 1.6683. On the other hand, it's expected to rise to the level of 1.6822 if the pair takes a bullish rebound to the current levels. The MACD indicator is in negative territory.
H1 chart: The GBPUSD found resistance at the 1.6850 level and now this pair is trying to make a breakout at the point of control that is formed near the support level of 1.6750. If successful, it is expected to fall to the level of 1.6700, which would strengthen the bearish bias. 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 1.6750, take profit is at 1.6700, and stop loss is at 1.6800.
The material has been provided by InstaForex Company - www.instaforex.com
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