Daily chart: The GBP/USD pair is trying to break the resistance level 1.5159. Still this pair is forming a lower high pattern, to continue rising. However, these movements can be corrective and could continue the general bearish trend in GBPUSD. If the GBPUSD pair does make a bearish rebound at current levels, it would be expected to fall to the level of 1.5023. On the other hand, we must bear in mind that the MACD indicator is extremely oversold and entering positive territory, which could support a bullish trend in the medium term for this pair.
H4 chart: The GBPUSD pair stays below the 200-day moving average and this pair is trying to break the resistance level 1.5148. On the other hand, this pair still has enough strength to continue rising and reach the 200-day moving average. However, if this pair makes a bearish rebound in resistance at the level of 1.5148, it is expected to drop to the level of 1.5032. The MACD indicator remains in neutral territory, which shows indecision between investors in this pair.
H1 chart: It has formed a Point of Control (POC) near the support at the 1.5074 level, which houses the 200-day moving average. GBPUSD made a bullish rebound in the POC and it found resistance at the 1.5146 level. If GBPUSD manages to break that level again, it would be expected to rise to the level of 1.5198. Furthermore, if GBPUSD manages to break the support level at 1.5119, it is expected to drop to the level of 1.5074. The MACD indicator remains in positive territory, but is showing some weakness in the bullish trend of the moment.
Fundamental Outlook: For today's session, Claimant Count Change (Previous:-8.6K / Forecast: -7.5%), the MPC Asset Purchase Facility, and MPC Votes Official Bank Rate Votes will be published at 08:30 GMT in the UK.
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. Place sell (short) orders only if the GBP/USD pair breaks with a bearish candlestick, the support level is at 1.5119, take profit is at 1.5074, and stop loss is at 1.5163.
