Daily chart: Finally, this pair managed to break the resistance level at 1.6146. Now, GBPUSD is trying to consolidate above this level and is very likely to start forming a lower high pattern and make corrective movements. If this pair manages to break the resistance level at 1.6235, it is expected to rise to the level of 1.6326. The MACD indicator remains in positive territory.
H4 chart: GBPUSD has consolidated above the support level at 1.6164, which has strengthened the current bullish trend in this pair. It is very likely that this pair will rise to the resistance level at 1.6247, but not today, because GBPUSD has been highly volatile throughout this week. Moreover, if this pair does break the support at the level of 1.6164, it is expected to fall to the level of 1.6117. The MACD indicator remains in positive territory.
H1 chart: This pair is forming a lower high pattern above support at the 1.6170 level. If this pair manages to break the resistance level at 1.6216, it is expected to rise to the level of 1.6252. Moreover, if this pair does break the support at the level of 1.6170, it is expected to fall to the level of 1.6117. The MACD indicator is in extremely overbought zone and 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 1.6216, take profit is at 1.6252, and stop loss is at 1.6179.
