Daily chart: The GBPUSD pair failed to break the resistance level at 1.5159 and reached out to touch the resistance level at 1.5266. Now, this pair is forming a lower high pattern below that level if GBPUSD achieves in breaking it, it is expected to rise to the level of 1.5407. On the other hand, it is very possible that this pair falls back to the support at 1.5159 level. The MACD indicator is in positive territory and still there are no signs of extreme overbought. This pair remains below the 200-day moving average, but the trend is strongly bullish.
H4 chart: GBPUSD has a small bearish rebound of the moving average 200, near the resistance level at 1.5260. If the pair manages to break that level, it is expected to rise to the level of 1.5341. Furthermore, if the GBPUSD pair manages to break the support level of 1.5195, it is expected to drop to the level of 1.5148. The MACD indicator remains in positive territory, but there are overbought signs in this pair, so we must be careful.
H1 chart: This pair managed to break the resistance level 1.5198 and now, the GBPUSD pair is trying to break the resistance at the 1.5249 level, if successful, it is expected to rise to the level of 1.5296. On the other hand, if the GBPUSD pair manages to break the support at the 1.5198 level, it is expected to fall to the level of 1.5146, near the Point of Control (POC) and the SMA 200. The MACD indicator remains in negative territory, but is approaching the neutral territory, so this pair could make consolidation movements over the coming hours and form a lower high pattern.
Fundamental Outlook: For today's session, UK Retail Sales (Previous: 2.1% / Forecast: 0.2%) 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 a bullish candlestick, the resistance level is at 1.5249, take profit is at 1.5296, and stop loss is at 1.5198.
