Daily chart: The GBP/USD has made a bullish rebound above the support level of 1.6766 and is now very likely that this pair will rise to the resistance level of 1.6851. However, this would still be forming a bearish pattern since the GBP/USD remains very strong in the current bearish bias. The MACD indicator is in negative territory.
H4 chart: GBP/USD is trying to make a breakout on the resistance level of 1.6822, because this pair made a bullish rebound above the support level of 1.6762, where the 200 SMA is located. If successful, it's expected to to rise to the level of 1.6841. On the other hand, it's expected to fall to the 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 consolidated above the point of control and the support level of 1.6800. If GBP/USD manages to make a breakout on the resistance level of 1.6850, it's expected to rise to the level of 1.6900. On the other hand, if the GBP/USD does a breakout in the point of control, it's expected to fall to the level of 1.6750. 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 1.6800, take profit is at 1.6750, and stop loss is at 1.6850.
The material has been provided by InstaForex Company - www.instaforex.com
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