Daily chart: The GBP/USD is consolidating above the level of 1.6540, after it has made a very bullish move vertically. If this pair manages to break the resistance level of 1.6663, it would be expected to rise to the level of 1.6851. Furthermore, this pair is forming a bullish pattern below the level of 1.6663, so that it waits for this pair make corrective movements. The MACD indicator is in positive territory.
H4 chart: During this week, this pair has formed 3 bullish patterns successfully and is expected to begin to form another one to continue rising to the level of 1.6700. If the pair manages to break that level, it is expected to rise to the level of 1.6795, which is very close to a bullish trend line. For now, we recommend caution when placing buy orders. The MACD indicator is entering extremely overbought zone.
H1 chart: The GBP/USD has consolidated above the point of control at the level of 1.6600, after this pair has made a breakout at the level of 1.6578. Now this pair is trying to break the resistance level of 1.6629. If successful, it is expected to rise to the level of 1.6700. However, it is expected that this pair perform slow movements during today's session, as the bullish trend is very strong and some oscillators have started showing overbought levels. The MACD indicator is in neutral 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 1.6629, take profit is at 1.6700, and stop loss is at 1.6558.
The material has been provided by InstaForex Company - www.instaforex.com
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