Daily chart: The GBP/USD had a bullish start in the post-christmas session. Now, the pair attempt to break the resistance level of 1.6447. If successful, it is expected to rise to the level of 1.6540. On the other hand, we must consider that the current bullish trend could be temporary, as this pair has remained below the level of 1.6447 in recent weeks. The MACD indicator is in neutral territory.
H4 chart: This pair has remained above the 200 SMA and it appears that the GBP/USD wants to continue the bullish trend in this chart. If this pair manages to break the resistance level at 1.6441, which is expected to rise to the level of 1.6464. On the other hand, it is very likely that this pair make a bearish rebound at current levels to fall to the support level of 1.6292. The MACD indicator is still in positive territory.
H1 chart: The GBP/USD is forming a bullish pattern above the level of 1.6419. If this pair manages to break the resistance level at 1.6464, which is expected to rise to the level of 1.6507. Moreover, if this pair does break the support at the level of 1.6419, it is expected to fall to the level of 1.6375 The MACD indicator remains in positive territory, but with a tendency to go into 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 1.6464, take profit is at 1.6507, and stop loss is at 1.6420.
