Daily chart: The GBP/USD has made a breakout at the level of 1.6766, where now this pair could fall to the support level of 1.6668. The GBP/USD could start forming a bearish pattern to continue falling, even this pair is likely to find support on the 200-day moving average, which is near the level of 1.6668. The MACD indicator is in negative territory.
H4 chart: This pair is trying to make a breakout at the level of 1.6692. If successful, it is expected to fall to the support level of 1.6664. However, the GBP/USD could perform a rebound at current levels and go back to the resistance level of 1.6731. For now, this pair is strong in the bearish trend.
H1 chart: The GBP/USD is trying to form a bearish pattern below the resistance level of 1.6700, so this pair could fall to the support level of 1.6629. If the GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6578. The MACD indicator is in neutral territory and entering oversold.
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 1.6629, take profit is at 1.6578, and stop loss is at 1.6682.
The material has been provided by InstaForex Company - www.instaforex.com
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