Daily chart: The GBP/USD pair had another day that recorded falls below the level of 1.7100. So, this pair is approaching the support level of 1.7000. That is the nearest target, because the GBP/USD pair has been very weak and the bearish force has become more obvious in the past hours. The MACD indicator is in the negative territory.
H4 chart: This pair is forming a higher low pattern above the support level of 1.7062, where the GBP/USD pair has formed a fractal. If the pair manages to make a breakout at that level, it is expected to fall to the support level of 1.6995. On the other hand, if the GBP/USD takes a bullish rebound at current levels, it is expected to rise to the resistance level of 1.7179. The MACD indicator is in the negative territory.
H1 chart: The GBP/USD pair is trying to form a bearish pattern below the resistance level of 1.7100. If GBP/USD manages to make a breakout at the support level of 1.7050, it is expected to fall to the level of 1.7000, which would be a bearish consolidation, as this pair is below the 200 SMA. Nevertheless, the MACD indicator is moving into the 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 1.7050, take profit is at 1.7000, and stop loss is at 1.7100.
The material has been provided by InstaForex Company - www.instaforex.com
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