On the daily chart, GBP/USD is approaching dynamic resistance at the 200 SMA after gaining strong bullish momentum during Wednesday's session. For sure, this zone should offer some obstacle for buyers in the nearest term. However, our target remains around the level of 1.5589. The MACD indicator is seen at the positive territory.
The pair is forming a higher high pattern above the support level of 1.5458 in the H1 chart in the wake of a rebound above the 200 SMA. That is why we want to keep following the bullish bias in the short term. Remember, the cable could start to perform deeper pullbacks in order to correct the rallies, which were made hours ago. The MACD indicator is reaching the overbought territory.
Daily chart's resistance levels: 1.5589 / 1.5643
Daily chart's support levels: 1.5469 / 1.5381
H1 chart's resistance levels: 1.5506 / 1.5551
H1 chart's support levels: 1.5458 / 1.5411
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 1.5506, take profit is at 1.5551, and stop loss is at 1.5458.
