On the daily chart, GBP/USD did a pullback around the level of 1.559, where the 200 SMA is located in this time frame. By the way, we should expect this pair to rally towards new highs in coming days, because bullish momentum is still alive pushing the price higher.
The pair is trying to extend corrective moves in an intraday basis, towards the support level of 1.5468 in the H1 chart. That is why we expect a rebound over there, where dynamic support offered by the 200 SMA is also located. A breakout above the level of 1.5561 will expose the next interest zone around the level of 1.5609.
Daily chart's resistance levels: 1.5559 / 1.5634
Daily chart's support levels: 1.5479 / 1.5344
H1 chart's resistance levels: 1.5561 / 1.5609
H1 chart's support levels: 1.5516 / 1.5468
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 1.5559, take profit is at 1.5634, and stop loss is at 1.5515.
