Daily chart: GBPUSD continued to form a bullish pattern above support at the 1.6046 level. These recent movements of GBPUSD give us assumption that there is much indecision in the immediate trend of this pair, so we must be vigilant against any breakout from these levels (1.6146 and 1.6046) . For now, we recommend caution and not place orders in this range. The MACD indicator remains in positive territory.
H4 chart: This pair managed to climb up to the resistance level at 1.6164, at which it quickly formed a bearish fractal and made a rebound, which led it to consolidation below resistance at the 1.6117 level. If this pair returns to break that level, it is expected to rise to the level of 1.6164. On the other hand, it is likely to extend the fall to the support at 1.6004 level. The MACD indicator remains in negative territory.
H1 chart: GBPUSD found strong resistance at the 1.6117 level and now this pair is approaching the 200-day moving average near the support at the 1.6075 level. This pair is forming a higher low pattern, so it is likely to fall to the SMA 200. If the pair manages to break this support level, it would be expected to fall to the level of 1.6031, which would jeopardize our bullish outlook on this pair. 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 1.6117, take profit is at 1.6170, and stop loss is at 1.6064.
