Daily chart: This pair has formed a doji candlestick, which might imply that the GBP/USD is in a stage of indecision in its trend, as this pair is within the range between the levels of 1.6540 and 1.6447. Now, the GBP/USD is trying to form a bullish pattern to continue rising. If this pair manages to break the resistance level of 1.6540, which is expected to rise to the level of 1.6663. The MACD indicator is in negative territory.
H4 chart: The GBP/USD is trying to break the resistance level of 1.6483. This level is quite strong, as this pair has failed to make a breakout there, despite the publication of high-impact economic indicators on the forex market. If the pair manages to break that level, it is expected to rise to the level of 1.6535. The MACD indicator is entering neutral territory.
H1 chart: This pair remains above the point of control near the level of 1.6450. Now, the GBP/USD is forming a lower high pattern above the support level of 1.6464. If this pair manages to break the resistance level of 1.6507, it's expected to rise to the level of 1.6544. On the other hand, it is very likely that this pair to fall back below the 200 SMA, since there is no clear trend in this pair. The MACD indicator is still 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 1.6507, take profit is at 1.6544, and stop loss is at 1.6469.В В
