In the H4 chart, the GBP/USD continues to recover after the fall below the 1.6000 level, so far, the GBP/USD is trying to make a deep retracement to the resistance level of 1.6247, which is a pretty strong area. However, it is very likely that this pair will rise to the 200-day moving average this week. For now, we recommend caution when placing buy orders at current levels.
H4 chart's resistance levels: 1.6247 - 1.6435
H4 chart's support levels: 1.6051 - 1.6004
The GBP/USD is consolidating above support at the 1.6075 level, because this pair performed a breakout at that level during yesterday's session. On the H1 chart, we can see that this pair is attempting to make a breakout at the resistance level of 1.6117. If successful, the next target would be the level of 1.6170. The MACD indicator is entering negative territory.
H1 chart's resistance levels: 1.6117 – 1.6170
H1 chart's support levels: 1.6075 – 1.6031
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 1.6075, take profit is at 1.031, and stop loss is at 1.6118.
The material has been provided by InstaForex Company - www.instaforex.com
