Daily chart: GBPUSD performed a bearish rebound at the resistance level of 1.6235 and now, this pair is touching the support level of 1.6146. GBPUSD is forming a lower high pattern, and it is very likely that it will continue to rise for several days. However, if this pair does break the support level of 1.6146, it is expected to drop to the level of 1.6046. The MACD indicator remains in positive territory.
H4 chart: This pair met strong resistance at the 1.6247 level, and now this pair is trying to break the support at the 1.6164 level, which holds one bullish trend line. If the pair manages to break this support level, it would be expected to fall to the level of 1.6125. On the other hand, if the pair fails to make a bullish rebound at current levels, it would be expected to rise again to the level of 1.6247. The MACD indicator remains in negative territory.
H1 chart: GBPUSD made a bullish rebound from the support at the 1.6117 level, which houses the 200-day moving average. Now , this pair is trying to break the resistance level of 1.6170. If the pair manages to break that level, it is expected to rise to the level of 1.6216. On the other hand, if the pair manages to break the support at the level of 1.6117, it is expected to rise to the level of 1.6075. The MACD indicator remains in neutral 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 1.6170, take profit is at 1.6216, and stop loss is at 1.6125.
