Daily chart: GBP/USD dropped to support at the 1.5023 level and made a bullish rebound at that level. For now, there is a possibility of a formation of a lower high pattern, below the resistance level of 1.5159. If the pair manages to break that level, it is expected to rise to the level of 1.5266. On the other hand, if GBP/USD manages to break the support at the 1.5023 level, it is expected to fall to the level of 1.4894, very close to a bullish trend line and this would mean the continuation of the bearish trend that has had this pair in the long term. The MACD indicator is extremely oversold and entering a positive territory.
H4 chart: GBP/USD is below a bearish trend line near the 1.5108 level. It is very possible that GBP/USD fall back to support at the 1.5032 level, however, if GBP/USD managed to break the resistance level 1.5148, it is expected to rise to the level of 1.5195. On the other hand, if GBP/USD manages to break the 1.5008 level, it would be expected to drop to the level of 1.4830. The MACD indicator remains in a negative territory and showing some weakness in that weak bearish trend that has produced this pair in the last hours.
H1 chart: GBP/USD is moving in a Point of Control (POC), near the 200 day moving average at the 1.5085 level. If GBP/USD managed to break the resistance at the 1.5146 level, it is expected to rise to the level of 1.5198. Furthermore, if GBP/USD manages to break the support level at 1.5074, it is expected to drop to the level of 1.5018. It is very possible that GBP/USD may take a bullish momentum, due to the difficulty he has had to break the POC. The MACD indicator remains in a neutral territory.
Fundamental Outlook: For today's session, the UK CPI (previous: 2.7%, forecast: 3.0%) will be published at 08:30 GMT.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks with a bullish candlestick, the resistance level is at 1.5146, take profit is at 1.5198, and stop loss is at 1.5097.
