Daily chart: The GBP/USD pair had a bullish momentum above the 1.7070 level. So, this pair is approaching the resistance level of 1.7169. If the pair manages to make a breakout at that level, it is expected to rise to the resistance level of 1.7403. On the other hand, the GBP/USD pair is still holding strong in the bullish trend, because this pair is above the support level of 1.7000. The MACD indicator is in the overbought zone.
H4 chart: The GBP/USD pair is trying to make a breakout at the level of 1.7160. However, this pair could find strong resistance at the current levels and fall to the support level of 1.7062. If GBP/USD manages to make a breakout at that level, it is expected to fall to the level of 1.6995. The MACD indicator is in the positive territory.
H1 chart: This pair has made a bullish rebound above the 200 SMA, which is located at the level of 1.7100. Now, the GBP/USD pair is trying to form a lower high pattern above the 1.7150 level. If GBP/USD manages to make a breakout at the level of 1.7200, it is expected to rise to the level of 1.7250. The MACD indicator is in the 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 1.7200, take profit is at 1.7250, and stop loss is at 1.7150.
