Daily chart: The GBP/USD is kept moving at a low range above the support level of 1.7000. For now, the bullish outlook remains valid because this pair is forming a lower high pattern above that support level, so the next target for the GBP/USD would be the resistance level of 1.7169. The MACD indicator is entering neutral territory.
H4 chart: The GBP/USD is trying to stay above the 1.6995 level, because this pair has moved in sideways below the resistance level of 1.7062. However, if the GBP/USD manages to make a breakout in the support level of 1.6995, it's expected to fall to the level of 1.6920. The MACD indicator is in positive territory.
H1 chart: This pair has found support on the point of control, which is close to the level of 1.7020, so now, it is very likely that the GBP/USD rises to the resistance level of 1.7050. If the pair manages to consolidate above this level, it would be expected to rise to the level of 1.7100. MACD indicator is in positive 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 1.7050, take profit is at 1.7100, and stop loss is at 1.7000.
The material has been provided by InstaForex Company - www.instaforex.com
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