Daily chart: GBP/USD failed to break the resistance level at 1.5407, but it continues forming a lower high pattern below that level. If the pair manages to break this resistance, it is expected to rise to the level of 1.5506. For now, GBP/USD shows no signs of a possible change in trend, we can see clearly that the bullish trend is growing stronger every day. However, we do not rule out a possible fall to the support level at 1.5266. The MACD indicator remains in a positive territory and still shows no signs of extreme overboughtness.
H4 chart: This pair is trying to break the resistance level at 1.5411 and if it does break, it is expected to rise to the level of 1.5512. For now, this pair is consolidating above the 200 day moving average, it made a bullish rebound on 1.5260 support level. However, if GBP/USD manages to break this support, it is expected to fall to the level of 1.5195. The trend is still bullish on this pair, and the MACD indicator is still in a neutral territory because GBP/USD has no clear trend in this chart.
H1 chart: This pair is forming a lower high pattern, below the resistance level of 1.5406. Close support at the 1.5351 level has formed a Point of Control (POC), making strong support in this pair. If the pair manages to break this resistance, it is expected to rise to the level of 1.5460. Furthermore, if GBP/USD manages to break the support level of 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 extremely overbought, so we must be cautious with this pair for today's session.
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 1.5354.
