Daily chart: GBP/USD failed to fill the bearish gap yesterday, so this pair is consolidating below the resistance level of 1.6146. The next objective for this pair is the level of 1.6043. If GBP/USD manages to make a breakout at that level, it's expected to fall to the support level of 1.5883 in the medium term, although it is likely that the pair will rebound at current levels. The MACD indicator stays in positive territory.
H4 chart: GBP/USD is trying to fall to the support level of 1.6004. If this pair consolidates below that level, the next support level would be 1.5811. GBP/USD remains far from the 200-day moving average and the MACD indicator remains in negative territory.
H1 chart: The GBP/USD encountered resistance at the 1.6170 level, so it is likely that this pair will try a breakout at the support level of 1.6117, and will fall to the level of 1.6075. The MACD indicator is entering neutral 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 will be at 1.6075, take profit is at 1.6031, and stop loss will be at 1.6119.
The material has been provided by InstaForex Company - www.instaforex.com
