Daily chart: GBP/USD continues to strengthen its bullish trend on this chart. Now, this pair is forming a lower high pattern below the resistance level of 1.5407. If the pair manages to break that level, it is expected to rise to the level of 1.5506, which houses the 200 day moving average. On the other hand, the possibility exists that GBP/USD will fall back to the support level 1.5266. However, the bullish outlook remains very alive and there are still no patterns that indicate a change in trend. The MACD indicator is in a positive territory and still shows no overbought signs.
H4 chart: This pair is consolidating above the 200 day moving average, which strengthens our outlook bullish on this pair. If GBP/USD manages to break the resistance at the 1.5411 level, it is expected to rise to the level of 1.5512. On the other hand, if the pair manages to break the support at the level of 1.5341, it is expected to drop to the level of 1.5260. For now, GBP/USD continues to show strength in the bullish trend and a lot of strength to keep breaking resistance. The MACD indicator is entering a negtaive territory, so we must be cautious.
H1 chart: Near the 1.5365 level, a Point of Control (POCis forming), which has strengthened the bullish outlook on this pair. Now, GBP/USD is trying to break the resistance level at 1.5376 and if it succeeds, it is expected to rise to the level of 1.5406. Furthermore, if GBP/USD manages to break the support level at 1.5351, it is expected to drop to the level of 1.5296. GBP/USD remains above the 200 day moving average and the MACD indicator is entering a negative territory, which could indicate movements in a low range for this pair.
Fundamental outlook: For today's session, New Home Sales will be published at 14:00 GMT in the United States (previous 476K; forecast: 482K) .
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 1.5406, take profit is at 1.5460, and stop loss is at 1.5355.
