Daily chart: GBP/USD has made a breakout at the resistance level of 1.6766, so the next target is the resistance level of 1.6851. Now, this pair is likely to start making corrective movements as GBP/USD could be in overbought zone. However, the bullish momentum is very strong, so we could recommend to keep putting buy orders. The MACD indicator is entering neutral territory.
H4 chart: This pair is trying to consolidate above the 200 SMA and now, the GBP/USD is about to make a breakout at the resistance level of 1.6822. If successful, it is expected to rise to the level of 1.6841. On the other hand, if the pair takes a pullback at current levels, it's expected to fall to the support level of 1.6785. The MACD indicator is in positive territory.
H1 chart: GBP/USD is consolidating above the support level of 1.6800, so it is very likely that this pair rise to the resistance level of 1.6850. If GBP/USD manages to make a breakout on the resistance level of 1.6850, it's expected to rise to the level of 1.6900. On the other hand, if this pair makes a breakout at the support level of 1.6800, it's expected to fall to the 1.6750 level. The MACD indicator is in the overbought zone.
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 1.6750.
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