Daily chart: GBPUSD is finding strong support at the level of 1.5506. If the pair manages to break this level, it is expected to fall to the level of 1.5407, below the 200-day moving average. For now, there is a possibility that GBPUSD will do a bullish rebound at the current levels and rise to the resistance level of 1.5642 since it has been finding support at the SMA 200. However, we must be very careful with this pair. The MACD indicator remains in negative territory.
H4 chart: The pair bounced off the 200-day moving average and now it is trying to break the resistance level of 1.5512. If the pair manages to break that level, it is expected to rise to the level of 1.5604. On the other hand, it is likely that GBPUSD will fall back to the support at the 1.5436 level. It is very likely that GBPUSD continues to rise due to this rebound that has been conducted at the SMA 200, but we must be vigilant. The MACD indicator remains in neutral territory.
H1 chart: This pair has been unable to leave the area of the Point of Control (POC) and for this reason GBPUSD continues to trade within the range between the 1.5534 and 1.5501 levels. If this pair breaks the support at the level of 1.5501, it is expected to drop to the level of 1.5460. However, it is very likely that GBPUSD will try to consolidate above the resistance at the 1.5534 level and try to climb to the level of 1.5590. The MACD indicator remains in positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5501, take profit is at 1.5460, and stop loss is at 1.5541.
