Daily chart: The GBP/USD has found support at the level of 1.6766, so this pair is still alive in the current bullish trend, so it is very likely that this pair attempts to climb to the resistance level of 1.6851. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7000. The MACD indicator is in positive territory.
H4 chart: This pair tried to make a breakout at the support level of 1.6762, but the GBP/USD is trying to consolidate back above the 200 SMA and the support level of 1.6785. If the pair manages to make a breakout at the resistance level of 1.6822, it's expected to rise to the level of 1.6841. The MACD indicator is in positive territory.
H1 chart: The GBPUSD has made a bullish rebound above the support level of 1.6750 and now this pair is consolidating above the 200 SMA with the formation of a lower high pattern. If the pair manages to make a breakout on the resistance level of 1.6800, GBP/USD may consolidate above the 1.6850 level. The MACD indicator is entering 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 1.6800, take profit is at 1.6850, and stop loss is at 1.6750.
The material has been provided by InstaForex Company - www.instaforex.com
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