Daily chart: The GBP/USD has made a little pullback on the resistance level of 1.7000, so now this pair is forming a bullish pattern. Probably for the rest of the week, the GBP/USD will perform sideways movements to strengthen the bullish pattern further. However, if the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.7169. The MACD indicator is in positive territory.
H4 chart: The GBP/USD continues to move in low range below the resistance level of 1.6995. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.7105, which would be a bullish consolidation. However, if the GBP/USD manages to make a breakout at the support level of 1.6900, it's expected to fall to the level of 1.6841. The MACD indicator is in negative territory.
H1 chart: The GBP/USD has fallen to the support level of 1.6950, where the pair is forming a point of control. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the support level of 1.6900, which would approximate the 200 SMA. MACD is entering 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 1.7000, take profit is at 1.7050, and stop loss is at 1.6950.
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