On 4-hours chart GBP/USD rate trying to consolidate above the level 1.3977 (Murrey [5/8]). Technical indicators are giving multidirectional signals. Bollinger Bands are slightly leaned downwards. MACD volumes are decreasing in the negative zone. Stochastic is pointed downwards.
The upward trend can restore after the consolidation of the price above the level 1.3977. In this case, the next target of buyers will be the 1.4038 level (Murrey [6/8]).Downward trend will develop f urther after the price is set below the level of 1.3916 (Murrey [4/8]). In this case, the next target of sellers will be the 1.3855 mark (Murrey [3/8]).
Support and resistance:
Support levels: 1.3916, 1.3855, 1.3793.
Resistance levels: 1.3977, 1.4038, 1.4099.
Long positions can be opened above the level of 1.3977 with the targets at around 1.4038-1.4099 and stop loss 1.3950.
Short positions can be opened below the level of 1.3916 with the target at around 1.3855 and stop loss 1.3935.