Daily chart: The GBPUSD pair is forming a bullish pattern above the support level of 1.6046. The bullish trend is still alive in this chart, because this pair formed a fractal support near the 1.5883 level. If this pair manages to break the resistance level of 1.6146, it is expected to rise to the level of 1.6235. However, we must consider that the GBPUSD pair could enter a phase of “consolidation” movements (slow movements). The MACD indicator is entering extreme oversold zone.
H4 chart: This pair found resistance near the bullish trend line at 1.6095 level. Now, it is likely that this pair begins to form a lower high pattern to try to break the bullish trend line again. On the other hand, if this pair makes a bearish rebound at current levels, would be expected to drop to the 200-day moving average near the support at the 1.6004 level. The MACD indicator remains in extreme overbought area.
H1 chart: The GBPUSD pair has been unable to consolidate above resistance level at 1.6117 and during yesterday's session, the pair tried to drop below support at the 1.6075 level. However, this pair held a bullish rebound at current levels and it is very likely that this rises to the resistance level of 1.6117. On the other hand, if the pair breaks the support at the level of 1.6075, it is expected to drop to the level of 1.6031. The MACD indicator is entering 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 1.6075, take profit is at 1.6117, and stop loss is at 1.6031.
