Daily chart: This pair is still above the support level of 1.6766, so the bullish bias remains intact in GBP/USD. During this week, it is expected to continue to make this pair corrective movements and try to climb up 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 1.6950. The MACD indicator is in a positive territory.
H4 chart: GBP/USD is making a bullish rebound above the support level of 1.6785, so it is very likely that this pair remains above that level. However, if GBP/USD manages to make a breakout at the support level of 1.6785, it is expected to fall to a bearish trend line at the 1.6700 level. The MACD indicator is in a negative territory.
H1 chart: For now, GBP/USD remains above the 200-day moving average, so the bullish outlook is still alive in this pair. However, GBP/USD is trying to make a breakout on the resistance level of 1.680. If successful, it is expected to rise to the level of 1.6850. The MACD indicator is in a positive 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.