Daily chart: The GBP/USD has made a bullish rebound on the support level of 1.6326 and now this pair is trying to break the resistance level of 1.6447. If the pair manages to break that level, it is expected to rise to the level of 1.6540. The current movements show a clear indecision in the general trend of this pair, so we should do long term trading with caution. The MACD indicator is still in negative territory.
H4 chart: This pair is consolidating back above the 200 day moving average and now this pair is trying to form a bullish pattern above support level of 1.6441. If this pair manages to break the resistance level of 1.6464, which is expected to rise to the level of 1.6483. Moreover, if this pair breaks the support at the level of 1.6435, it is expected to fall to the level of 1.6336. The MACD indicator is still in positive territory.
H1 chart: The GBP/USD has made a bullish rebound above the point of control near the support level of 1.6331, and now this is consolidating above the 200 SMA with lower high pattern. If this pair manages to break the resistance level of 1.6464, which is expected to rise to the level of 1.6507. The MACD indicator is entering extreme overbought levels and continues 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 1.6464, take profit is at 1.6507, and stop loss is at 1.6421.
