Daily chart: The GBPUSD pair continues rising and consolidating above the 200-day moving average. Now, the GBPUSD pair is trying to climb to the resistance at the 1.5795 level. For now, the overall outlook for this pair, is totally bullish. We see that GBPUSD may close the price today below support at the 1.5642 level, but if it gets it would be expected to fall to support at the 1.5506 level. The MACD indicator remains in positive territory, but the indicator is in extreme overbought, so we could see consolidations Movements during the beginning of next week.
H4 chart: The GBPUSD failed to break the resistance level 1.5675 and now, the pair tries to climb to the resistance at 1.5820 level. On the other hand, if GBPUSD breaks the support at the level of 1.5604, it is expected to drop to the level of 1.5512. We must be careful with this pair, because charts are extremely overbought. In this chart, GBPUSD remains above the 200-day moving average, so our outlook is still bullish in the short term. The MACD indicator remains in negative territory, but is approaching the neutral territory, which could create uncertainty among investors.
H1 chart: GBPUSD is forming bullish patterns, to follow up and break resistance along the way. Below support at the 1.5686 level has formed a Point of Control (POC), which is making strong support in this pair and which would strengthen our bullish outlook for the cable. If GBPUSD breaks the resistance 1.5739 level, it would be expected to rise to the level of 1.5810. On the other hand, if GBPUSD breaks the support at the level of 1.5686, it is expected to drop to the level of 1.5632. The GBPUSD pair is above the 200-day moving average and the MACD indicator is entering overbought, so we should be careful to do intraday trading in this pair.
Fundamental Outlook: For today's session in the United States at 12:30 GMT, PPI (Previous: -0.7% / Forecast: 0.1%) and 13:55 GMT, the Prelim UoM Consumer Sentiment (Previous : 84.5 / Forecast: 84.9) will be published.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks with a bullish candlestick, the resistance level is at 1.5739, take profit is at 1.5810, and stop loss is at 1.5670. Place sell (short) orders only if the GBP/USD pair breaks with a bearish candlestick, the support level is at 1.5686, take profit is at 1.5632, and stop loss is at 1.5739.