Daily chart: Finally, GBPUSD broke the resistance at the 1.5159 level and is now approaching the nearest resistance level 1.5266. Now, this pair is trying to break the resistance level at 1.5266. If it breaks that level, it is expected to rise to the level 1.5394. Above the support level of 1.5023, a double bottom pattern is formed very interestingly, supporting the hypothesis that the GBPUSD trend has changed to bullish. It is very likely in today's session, the pair makes consolidation movements due to strong a bullish movement has been made in recent days. On the other hand, it is very possible that next week, GBPUSD begins to form a lower high pattern to continue rising and strengthening the bullish trend of the moment. The MACD indicator is moving into positive territory, which could indicate the start of a new trend in this pair.
H4 Chart: GBPUSD broke the resistance levels at 1.5148 and 1.5195. Now, this pair is directed toward the 200-day SMA and the resistance at the level of 1.5260. There is the possibility that this pair finds strong support there, or starts making moves in low range, due to the extreme overbought oscillators are showing currently. It is possible that this pair forms a lower high pattern below the moving average and achieve a break of the resistance level 1.5260, if successful, it is expected to rise to the level of 1.5300. On the other hand, this pair could do a bearish rebound in the 200-day SMA and can fall back to the support at the 1.5148 level, if it breaks that level, it is expected to fall to 1.5075 level in the medium term. The MACD indicator is in extreme overbought.
H1 chart: In this chart, a strong Point of Control (POC) below the 200 day moving average near the support at the 1.5119 level is formed. The GBPUSD pair broke the resistances at 1.5152 and 1.5198 levels. With the formation of the POC, the more the chances increase that the GBPUSD pair started a new bullish trend in general due to how strong is this area like support (red zone). Now the GBPUSD pair is forming a lower high pattern and if this pair breaks the resistance 1.5249 level, it would be expected to rise to the level of 1.5296. On the other hand, if the pair breaks support at the level of 1.5198, it is expected to drop to the level of 1.5152. The MACD indicator is in extreme overbought.
Fundamental Outlook: For today's session, we do not expect economic data releases of high impact in the United Kingdom and the United States, so this session could have very slow movements in the market.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBPUSD pair breaks with a bullish candlestick, the resistance level is at 1.5249, take profit is at 1.5296, and stop loss is at 1.5198.
