Daily chart: GBPUSD did not make significant changes in the daily chart. Now, the pair continues forming a lower high pattern above the support level of 1.6046. If this pair does break the support level, it is expected to drop to the level of 1.5883, deep enough considering that GBPUSD is very solid in the current bullish trend. The MACD indicator is in neutral territory and in extremely oversold zone.
H4 chart: This pair is consolidating above the 200-day moving average, which could mean an extension of the bullish trend in this chart for several more days. This pair is likely to rise to the resistance level at 1.6117. If the pair manages to break that level, it is expected to rise to the level of 1.6164. The MACD indicator remains in positive territory and our bullish outlook still alive in GBPUSD.
H1 chart: This pair met with strong resistance at the 1.6075 level, but this pair is still forming a bullish pattern below that level. If GBPUSD breaks that level, it is expected to rise to the level of 1.6117. Moreover, this pair is likely to fall to the support level of 1.6031 to decrease overbought levels in lower charts. 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 1.6075, take profit is at 1.6117, and stop loss is at 1.6031.
