Daily chart
The pair tried to break the support level at 1.6146, but during yesterday's session, the GBP/USD had a bullish momentum. If this pair manages to break the resistance level at 1.6235, it is expected to rise to the level of 1.6326, which would further strengthen the current bullish trend. On the other hand, we must consider that this pair is forming a lower high pattern, so we recommend just going for the trend. The MACD indicator is still in positive territory.
H4 chart
The GBP/USD managed to consolidate above the support level at 1.6164. It is very likely that this pair will rise to the resistance level at 1.6247, because it has formed two fractals below the 1.6164 level, which has turned that into a strong support level. However, we must be careful with this pair, because there are still risks that the trend will change. The MACD indicator is in neutral territory.
H1 chart
The GBP/USD made a bullish rebound near the 200 SMA at 1.6145 level. The pair managed to break the resistance level at 1.6170 and now, GBP/USD is forming a bullish pattern below the resistance at 1.6216 level. If the pair manages to break the resistance level, it's expected to rise to the level of 1.6252. On the other hand, it's expected to fall to the level of 1.6170 if the pair takes a bearish rebound to the current levels. The MACD indicator is entering extreme overbought zone.
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.
