Daily chart: GBP/USD had a strong bullish momentum above the support level of 160.46. So, this pair is trying to make a breakout at the resistance level of 1.6235. If it succeeds, it would be expected to rise to the level of 1.6326 to fill the bearish gap. However, the GBP/USD pair could be forming a bearish pattern. The MACD indicator remains in the oversold zone.
H4 chart: The GBP/USD is trying to touch the resistance level of 1.6247. So, this could make a breakout at that level to climb to the resistance level of 1.6435. However, if the GBP/USD pair makes a pullback at the current levels, it is expected to fall until the support level of 1.6004. GBP/USD is kept below the 200-day moving average and MACD indicator stays in the positive territory.
H1 chart: The GBP/USD pair managed to consolidate above the support level of 1.6170. Now, this pair is trying to form a higher high pattern. If the GBP/USD pair manages to make a breakout at the resistance level of 1.6216, the next target would be the 1.6252 level. The MACD indicator stays in 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 1.6170, take profit is at 1.6117, and stop loss is at 1.6225.
The material has been provided by InstaForex Company - www.instaforex.com
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