Daily chart: This pair is approaching the resistance level of 1.7000, so this week, it is likely that the GBP/USD starts to make corrective movements for a breakout at that level. If successful, it is expected to rise to the resistance level of 1.7169 in the medium term. For now, caution is recommended when placing sell orders. The MACD indicator is in positive territory.
H4 chart: The GBP/USD has consolidated above the 1.6900 level and the closest to the current resistance level is at the bullish trend line. If the pair manages to consolidate above the 1.7085 level, it's expected to rise to the level of 1.7175. Furthermore, the GBP/USD could perform a bearish rebound to fall to the support level of 1.6900. The MACD indicator is in positive territory.
H1 chart: This pair is forming a bullish pattern above the support level of 1.6950 and within the vicinity of the point of control. If GBP/USD manages to make a breakout on the resistance level of 1.7000, it's expected to rise to the level of 1.7050. Moreover, if this pair is able to consolidate support below the level of 1.6950, it is expected to fall to the level of 1.6900. The MACD indicator is in negative 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 1.7000, take profit is at 1.7050, and stop loss is at 1.6950.
The material has been provided by InstaForex Company - www.instaforex.com
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