Daily chart: GBP/USD is trying to break the resistance at the 1.5266 level to continue to rise and move closer to the 200 day moving average. During this week, we could wait for GBP/USD to break this level and go up to the level of 1.5407. However, we must bear in mind that this pair has had a bullish trend almost lateralized, so GBP/USD could form a lower high pattern, this week. The MACD indicator remains in a positive territory, which strengthens our bullish outlook for this pair.
H4 chart: This pair is trying to consolidate above the 200 day moving average and above resistance level 1.5260. It is very possible that this pair will make a bearish rebound in this resistance and fall to support at the 1.5295 level. However, if this pair manages to break the resistance level of 1.5260, it is expected to rise to the level of 1.5341. The MACD indicator is in a neutral territory, and we must be very careful with this pair, because the bullish trend in this chart is beginning to weaken.
H1 chart: GBP/USD broke the resistance level at 1.5249 and now this pair is trying to climb to the next resistance level of 1.5296. Near the 1.5198 level and the 1.5074 level, the Points Of Control (POC) are very strong for this pair, which could support the current bullish trend. Moreover, this pair is maintained above 200 SMA. However, if this pair does break the support at the level of 1.5249, it is expected to drop to the level of 1.5198. The MACD indicator is in a neutral territory.
Fundamental outlook: For today's session, the Existing Home Sales will be published (previous: 5.18m / forecast: 5.27M) at 14:00 GMT in the United States.
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 1.5296, take profit is at 1.5351, and stop loss is at 1.5240.
