Daily chart: The GBP/USD had a fall below the resistance level of 1.6851, but now, this pair is finding support at the bullish trend line. If the pair manages to make a breakout at the support level of 1.6766, it's expected to fall to the level of 1.6663, which might perhaps begin a new bearish trend in the long term. The MACD indicator is in negative territory.
H4 chart: The GBP/USD has found support at the 1.6785 level. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6762. On the other hand, if the GBP/USD manages to make a breakout at the 1.6822 level, it's expected to rise to the level of 1.6841. The MACD indicator is in negative territory.
H1 chart: This pair is finding support at the point of control, but now the GBP/USD is forming a bearish pattern above the support level of 1.6800. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6750. The MACD indicator is moving into 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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