Daily chart: The GBP/USD continues to try to strengthen the bullish pattern above the support level of 1.6326. Probably for the rest of the week, the pair continues to move in the range below the resistance level of 1.6447. If the GBP/USD manages to make a breakout at the support level of 1.6326, it would be expected to fall to the level of 1.6235. The MACD indicator is in positive territory.
H4 chart: This pair has formed a fractal below the resistance level of 1.6435. The GBP/USD may fall to the support level of 1.6247 in the coming hours, because this pair still remains below the 200 SMA. If GBP/USD manages to make a breakout at the support level of 1.6247, the next target would be the 1.6051 level. The MACD indicator remains in negative territory.
H1 chart: The GBP/USD has had a sharp decline from the level of 1.6415 and now this pair is consolidating below the resistance level of 1.6375. The GBP/USD is trying to form a lower low pattern above the 200 SMA. If GBP/USD manages to make a breakout at the support level of 1.6338, it would be expected to fall to the level of 1.6291. The MACD indicator remains in negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6375, take profit is at 1.6419, and stop loss is at 1.6329.
The material has been provided by InstaForex Company - www.instaforex.com
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