Daily chart: The GBPUSD is still consolidating in bullish trend and now this pair is trying to reach resistance level at 1.6447, after it has made a breakout at the level of 1.6326. However, if the pair manages to break the support level at 1.6326, it's expected to fall to the level of 1.6235. On the other hand, we must consider that this pair has had a pretty bullish trend lateralized, so it is likely that this pair will begin making corrective movements. The MACD indicator is still in positive territory.
H4 chart: The GBPUSD is consolidating above the bullish trend line near 1.6315 level. Therefore, it is quite possible that this pair found support at this trend line, because the bullish trend remains strong and this pair remains above the 200 SMA. However, if the pair manages to break that trend line, it would be expected to fall back to the support level of 1.6262. The MACD indicator is entering extreme overbought zone.
H1 chart: This pair managed to break the resistance level at 1.6331 and now this pair is trying to break the 1.6375 level. If the pair manages to break that level, it is expected to rise to the level of 1.6419. Moreover, if this pair does break the support at the level of 1.6331, it is expected to fall to the level of 1.6291. For now, we only recommend that you follow the primary trend, because the GBPUSD remains very bullish. The MACD indicator is 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 1.6375, take profit is at 1.6419, and stop loss is at 1.6331.
