Daily chart: GBP/USD had a bullish momentum that has allowed him to climb to the resistance level of 1.6851. Now this pair is trying to form a pattern for a bullish breakout at that level. If successful, it is expected to rise to the level of 1.7000. On the other hand, if the GBP/USD does make a bearish rebound, it's expected to fall to the level of 1.6766. The MACD indicator is in negative territory.
H4 chart: This pair remains above the support level of 1.6822 and now, the GBP/USD is forming a bullish pattern. However, 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, which would be a bullish consolidation on the GBP/USD. The MACD indicator is entering overbought area.
H1 chart: The GBP/USD remains above the 200 SMA and the point of control that is formed at the level of 1.6835. If the pair 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 manages to make a breakout at the support level of 1.6800, next target would be the support level of 1.6750. The MACD indicator is in negative 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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