Daily chart: The GBP/USD has made a rebound on the support level of 1.6766, where the pair continues forming a higher low pattern. However, the GBP/USD could go back up the resistance level of 1.6851 and if the pair manages to make a breakout at that level, it would be expected to rise to the resistance level of 1.7000. The MACD indicator is entering oversold zone.
H4 chart: This pair is trying to make a breakout on the resistance level of 1.6841. If successful, it is expected to rise to the level of 1.6900, because the GBP/USD is conducting corrective movements in favor of bearish trend. The 200-day moving average is near the resistance level of 1.6920. The MACD indicator remains in positive territory.
H1 chart: The GBP/USD has made a breakout at the level of 1.6800, so this pair is close to the 200 SMA. If GBP/USD manages to make a breakout at the 1.6850 level, it's expected to rise to the resistance level of 1.6900. Furthermore, if this pair does make a breakout at the level of 1.6800, the next target would be the support level of 1.6750.
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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