On the daily chart, GBP/USD had a significant recovery after finding support at the 1.5883 level, so this pair is conducting a breakout in the resistance level of 1.6046 to rise to the level of 1.6146. However, the current moves in the GBP/USD might be forming a bearish pattern in the long term. The MACD indicator remains in neutral territory, so this pair could enter a phase of consolidation in the medium term.
Dailychart's resistance levels: 1.6146 – 1.6235
Dailychart's support levels: 1.6046 - 1.5883
The GBP/USD is trying to form a higher high pattern above the 200 SMA on the H1 chart. However, the GBP/USD could make a pullback at current levels, because this pair has formed a fractal at the level of 1.6075. But it must be stressed that the bullish outlook is supported by the current position of the MACD indicator in this chart.
H1 chart's resistance levels: 1.6117 / 1.6170
H1 chart's support levels: 1.6075 / 1.6031
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 1.6117, take profit is at 1.6170, and stop loss is at 1.6065.
