Daily chart: The GBP/USD has continued with the bullish trend today, so far, this pair is finding resistance at the level of 1.7000. It is very likely that this pair will begin making corrective movements to form a bullish pattern, so it is advisable to wait for the GBP/USD to make a breakout at that level to continue placing buy orders. The MACD indicator is in positive territory.
H4 chart: This pair has found resistance at the 1.6995 level, so it is likely to fall to the support level of 1.6920 again. If GBP/USD manages to make a breakout at the level of 1.6900, it's expected to fall to the level of 1.6841. However, the GBP/USD remains strong in the bullish trend. The MACD indicator is in the overbought zone.
H1 chart: The GBP/USD continues to move sideways above the support level of 1.6950. If the pair manages to make a breakout on the resistance level of 1.7000, it's expected to rise to the level of 1.7050, which would be a strong bullish consolidation. For now, we recommend caution when placing sell orders. 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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