Daily chart: This pair is trying to break the resistance level at 1.6146, after it has made a strong bullish move above the support level at 1.6046. However, it is very likely that this pair conduct a bearish rebound and fall back to the support at the 1.6046 level, because the trend has been very bullish within the recent days. The MACD indicator is in neutral territory.
H4 chart: GBPUSD is consolidating below 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, but we must be cautious of buy orders, because GBPUSD has formed a fractal near the 1.6117 level. If this pair makes a bearish rebound at the current levels, it would be expected to drop to the 200-day moving average. The MACD indicator remains in positive territory.
H1 chart: This pair is very close to the resistance at the 1.6117 level, but we must pay attention to the current bearish rebound this pair is doing. If this pair manages to break the resistance level of 1.6117, it is expected to rise to the level of 1.6170. 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, which houses the SMA 200. 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 1.6117, take profit is at 1.6170, and stop loss is at 1.6063.
