Daily chart: GBPUSD is forming a lower high pattern above the support at the level of 1.5746. This was expected, because the GBPUSD has gone up significantly this week. However, it is likely that GBPUSD will try to fall to the support level at 1.5746. However, we recommend caution when making trading today in this pair, because the best opportunities for this week have passed and GBPUSD begin making corrective movements. The MACD indicator is in positive territory.
H4 chart: This pair found strong resistance at the level of 1.5811, after having had a very lateralized rise this week, from the level of 1.5604. If the pair manages to break this resistance, it is expected to rise to the level of 1.5900. On the other hand, we recommend caution when placing sell orders in this pair, because this is currently forming a lower high pattern, which could revive the buy orders in the GBPUSD. The MACD indicator is in extreme overbought and entering negative territory.
H1 chart: GBUSD failed to consolidate above the resistance at 1.5810 and this was expected, because GBPUSD has gone up significantly and it was expected that GBPUSD began conducting corrective moves intraday. If GBPUSD manages to break that resistance, it will be expected to rise to the level of 1.5871. On the other hand, if the bearish force achieves to grab this pair, it is expected to fall to support at the 1.5739 level. The MACD indicator remains 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 1.5810, take profit is at 1.5871, and stop loss is at 1.5750.
