Daily chart: GBP/USD consolidated above the support level of 1.6663, after a fairly positive week, within which the bullish bias strengthened sharply. The next target for this pair is the resistance level of 1.6851, but it is very likely that the GBP/USD will start forming a bullish pattern to continue rising. However, we must be vigilant against a bearish rebound, which would make this pair fall to the support level of 1.6663. The MACD indicator is in positive territory.
H4 chart: This pair has a clear path to climb up to the resistance level of 1.7000 in the long term, so the bullish bias in this chart remains strong thanks to the bullish rebound that GBP/USD made a few days ago at the 200-day moving average. However, if the pair manages to break the support level of 1.6667, it's expected to fall to the level of 1.6644. The MACD indicator is in overbought zone.
H1 chart: The GBP/USD opened this week with a bullish gap above the resistance level of 1.6750. Now, it is very likely that this pair will perform corrective movements to continue the bullish bias. If the pair manages to consolidate above this resistance level, it's expected to rise to the level of 1.6800. On the other hand, if the pair manages to consolidate below that level, it would be expected to fall to the level of 1.6700.
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 1.6750, take profit is at 1.6800, and stop loss is at 1.6700.
The material has been provided by InstaForex Company - www.instaforex.com
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