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Daily chart: This pair has made a successful bullish rebound on the support at the level of 1.5506. It is very likely that this is the formation of a higher low pattern, so that it continues to drop. If the GBPUSD manages to break this support, it is expected to fall to the level of 1.5407. On the other hand, this could mean a bullish rebound strength in the current trend bullish of this pair and is likely to rise to the resistance level at 1.5642. The MACD indicator remains in negative territory.
H4 chart: The GBPUSD attempted to consolidate above resistance level 1.5604, but failed and now this pair is making a corrective move that could boost the current bullish trend in the GBPUSD, because this still remains above the 200 day moving average. If this pair does break the support at the level of 1.5512, it is expected to drop to the level of 1.5436. On the other hand, if the GBPUSD managed to break the resistance at 1.5604 level would be expected to rise to the level of 1.5698. The MACD indicator remains in positive territory, which could strengthen our bullish outlook for this pair.
H1 chart: The GBPUSD remains above the 200 day moving average and support at the 1.5534 level. This pair is likely to rise to resistance level 1.5590 and if it manages to break that level, it is expected to rise to the level of 1.5632. Furthermore, if the GBPUSD manages to break the support level of 1.5534, Aque be expected to drop to the level of 1.5501. For now, there is no clear trend in this pair, due to irregular movements that this has been done in recent days. The continuous MACD negative and extreme oversold 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 is at 1.5534, take profit is at 1.5501, and stop loss is at 1.5566.
Source: www.instaforex.com
