Daily chart: Finally, GBPUSD broke the resistance level at 1.5642, after having formed a lower high pattern. Now, this pair is trying to climb towards the resistance level at 1.5746. It is very likely that this pair starts forming another lower high pattern, below this level. If the pair manages to break that level, it is expected to rise to the level of 1.5883. On the other hand, if the GBPUSD takes a bearish rebound at the current levels, would be expected to fall to the level of 1.5642. The MACD indicator is moving into positive territory.
H4 chart: This pair is forming a lower high pattern, below the resistance level of 1.5719. If the pair manages to break that level, it is expected to rise to the level of 1.5752. On the other hand, if the bearish GBPUSD takes a rebound at the current levels, it would be expected to fall to the level of 1.5604. For now, GBPUSD remains very strong in the current bullish trend. However, we must bear in mind that this pair could make corrective movements to strengthen its current trend. The MACD indicator remains in positive territory, but showing weakness in the current bullish trend.
H1 chart: GBPUSD has been consolidated in the current bullish trend. The pair broke the resistance level at 1.5686 and now is trying to break this resistance at the 1.5739 level. GBPUSD is forming a lower high pattern near the support at the 1.5686 level and if it can break it, it will be expected to fall to the level of 1.5632. On the other hand, if the pair manages to break the resistance at the 1.5739 level, it will be expected to rise to the level of 1.5810. The MACD indicator is in negative territory.
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 1.5739, take profit is at 1.5810, and stop loss is at 1.5669.
