Daily chart: The pair opened the week with a bullish gap above the resistance level at 1.5883, close to the 1.5960 level. It is very likely that in the early days of this week, GBPUSD will fall to support at the 1.5883 level, to fill the gap. Furthermore, it is possible that the GBPUSD forms a lower high pattern below that resistance to climb to the level of 1.6046. If this pair does break the support at the level of 1.5883, it is expected to drop to the level of 1.5746. The MACD indicator remains in positive territory.
H4 chart: The GBPUSD pair is near the bullish trend line which is near the 1.5985 level. It is very likely that this pair fall to support at the 1.5811 level and if it can break it, it will be expected to fall to the level of 1.5752. On the other hand, if GBPUSD manages to break the bullish trendline, it is expected to rise to the level of 1.6040. The MACD indicator remains in positive territory but is currently in extreme overbought area.
H1 chart: This pair has consolidated above the 200-day moving average and support at the 1.5871 level. This is likely to drop to this support pair to fill the gap. If the GBPUSD pair manages to break that level, it will be expected to fall to the level of 1.5810. On the other hand, if the pair manages to break resistance at the 1.5996 level, it will be expected to rise to the level of 1.6031. The MACD indicator remains in positive territory and is entering extremely overbought area.
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 1.5966, take profit is at 1.6031, and stop loss is at 1.5900.
