Daily chart: The GBP/USD stays below the resistance level of 1.7000, because during yesterday's session, the pair had no major changes. Now, the GBP/USD is trying to stay alive in the bullish outlook, because this pair remains above the 200 SMA. MACD indicator is in the overbought zone and entering neutral territory.
H4 chart: The GBP/USD continues to find resistance at the 1.6995 level. Now this pair is trying to make a breakout at that level, although it is likely to fall to the 200-day moving average, which is near the level of 1.6900. For now, the GBP/USD remains strong in the bullish bias. The MACD indicator is entering oversold zone.
H1 chart: This pair is again finding support in the 200 SMA, which is forming a 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. For now, we recommend caution when placing sell orders at current levels. The MACD indicator 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.
The material has been provided by InstaForex Company - www.instaforex.com
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