Daily chart: The GBP/USD has found resistance at the 1.7169 level, because this pair has had a bullish momentum during yesterday's session. For now, it is very likely that the GBP/USD is starts forming a lower high pattern below that level, before this pair make a breakout resistance at that level. The MACD indicator is in positive territory.
H4 chart: The GBP/USD has moved into range during the last hours, because this pair has found resistance at the bullish trend line. If GBP/USD manages to make a breakout at the level of 1.7125, it's expected to fall to the support level of 1.7062. The MACD indicator is in the overbought zone.
H1 chart: This pair has made a breakout at the level of 1.7150 and now, the GBP/USD is consolidating above that level with the formation of a bullish pattern. If GBP/USD manages to make a breakout on the resistance level of 1.7200, it's expected to rise to the level of 1.7250. 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 1.7200, take profit is at 1.7250, and stop loss is at 1.7150.
The material has been provided by InstaForex Company - www.instaforex.com
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