Daily chart: GBP/USD continues to rise above the support level of 1.6540, heading towards the resistance level of 1.6663. If the pair manages to break that level, it is expected to rise to the resistance level of 1.6851. On the other hand, it is expected to fall to the level of 1.6540 if the pair takes a bearish rebound to current levels. The MACD indicator remains in positive territory, so our bullish outlook remains alive.
H4 chart: GBP/USD is forming a bullish pattern above the support level of 1.6644, after the pair has managed to consolidate above the bullish trend line near the support level of 1.6592. If the pair manages to break the resistance level of 1.6667, it's expected to rise to the level of 1.6850. Moreover, if this pair does break the support level of 1.6644, it is expected to fall to the level of 1.6592. The MACD indicator is in the overbought zone.
H1 chart: This pair is consolidating above the point of control at the level of 1.6629, so it is very likely that this pair rise to the resistance level of 1.6700. If the pair manages to break that level, it is expected to rise to the level of 1.6750. Moreover, if this pair does break the support level of 1.6629, it is expected to fall to the level of 1.6578. The MACD indicator is in negative 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 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.
