Daily chart: The GBP/USD continues to find support on the level of 1.6326. This pair has remained below the resistance level of 1.6447 and that level prevented this pair continue to progress with the current bullish trend. However, we note that GBP/USD has formed some fractals near that level, which indicates the great strength that has this level. The MACD indicator is still in negative territory.
H4 chart: Continuing the slow movements in this pair, as the GBP/USD has had volatile movements in recent days, but it still remains above the 200 SMA. If this pair manages to break the resistance level of 1.6441, which is expected to rise to the level of 1.6464. On the other hand, if the pair manages to break the support level of 1.6292, it is expected to fall to the level of 1.6262, where the 200 day moving average is located. The MACD indicator is still in positive territory.
H1 chart: This pair remains below the resistance level of 1.6375. Near that level, this pair is forming a lower high pattern. If GBP/USD breaks this resistance level, it's expected to rise to the level of 1.6419. On the other hand, if this pair makes a bearish rebound at current levels, would be expected to fall to the support level of 1.6331. The MACD indicator is in positive 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 1.6329.
