Daily chart: The GBPUSD pair failed to break the support at the 1.5023 level and at that level it made a bullish rebound, approaching resistance at the 1.5159 level. If this pair breaks that resistance, it would be expected to rise until the next resistance level at 1.5266. On the other hand, the GBPUSD pair may continue forming the higher low pattern to continue moving down, which is very possible because the general trend in this pair is bearish. If GBPUSD breaks the support at the 1.5023 level, it may drop to the next support level at 1.4894. Our bearish outlook remains standing, while the GBPUSD pair does not break the resistance level 1.5266. The MACD indicator is in negative territory, but showing extreme oversold levels in this pair.
H4 chart: Having failed to break out 1.5017, this pair is kept below the level of resistance at 1.5148, making a bullish rebound at that level. These two levels are very important and will be decisive for the development of the trend for the rest of the week in this pair. If the GBPUSD pair breaks resistance 1.5148 level it would be expected to rise to the level of 1.5195. On the other hand, if the pair breaks the support at the level of 1.5017, we would expect it to drop to the level of support 1.4830 in the medium term. I do not recommend doing trading within this range that is moving this pair currently. The MACD indicator remains in positive territory.
H1 chart: Yesterday's session was very bullish for the GBPUSD pair, which led to this pair to go up to the 200-day moving average near the resistance level at 1.5119. At the current price of this pair, it is forming a Point of Control (POC) and this could indicate that the GBPUSD pair found strong resistance at the 200-day moving average, so it will be very difficult for this pair to keep climbing and to break the resistance level at 1.5152. Therefore, we believe that the formation of a lower high pattern could fail and GBPUSD could start falling again, which is supported by the MACD indicator, which is entering neutral territory and showing extreme levels of overbought in this pair. If GBPUSD breaks the support at the 1.5074 level, it is expected to fall to 1.5018 level. On the other hand, if the pair breaks the resistance level at 1.5152, it is expected to rise to the level 1.5158.
Fundamental Outlook: For today's session in the United States, at 12:30 GMT the Prelim GDP q/q (Previous: 2.5% / Forecast: 2.5%) and Unemployment Claims (Previous: 340K / Forecast: 342K) will be published. At 14:00 GMT Pending Home Sales m/m (Previous: 1.2% / Forecast: 1.2%) will be issued. The forecasts are almost the same as the previous readings, so it is not expected to have great impact on the USD pairs, but we must be careful.
Trading recommendations for today: Based on the H4 chart, place sell (short) orders only if the GBPUSD pair breaks with a bearish candlestick, the support level is at 1.5074, take profit is at 1.5018, and stop loss is at 1.5130.