Daily chart: GBPUSD is forming a lower high pattern, below the resistance level of 1.5407. This pair has been reluctant to continue falling as well, this has been reluctant to continue the current bullish trend. If this pair does break the support at the level of 1.5266, it is expected to drop to the level of 1.5159. On the other hand, if GBPUSD manages to break the resistance level at 1.5407, it is expected to rise to the level of 1.5506, very close to the 200-day moving average. For now, the trend for this pair is still bullish, but we must be alert to any change in the trend which may occur. The MACD indicator is in neutral territory.
H4 chart: This pair is trying to break the resistance level at 1.5341. GBPUSD is consolidating above the 200-day moving average, which can strengthen bullish outlook for this pair. If GBPUSD manages to break that level it is expected to rise to the level of 1.5411. On the other hand, it is very likely that GBPUSD will fall to support at 1.5260 level, which houses the 200-day moving average and if the pair manages to break that level, it is expected to fall to the level of 1.5195. The MACD indicator is extremely overbought and entering negative territory.
H1 chart: Nearby the resistance level at 1.5351, a very strong Point of Control (POC) has formed. If the pair manages to break that level, it is expected to rise to the level of 1.5376. Now, GBPUSD is trying to get out of that range where it was locked up within the last few days and it is forming a higher low pattern, so it is very likely that GBPUSD will fall to support at 1.5295 level, close moving average of 200. If the pair manages to break that level, it is expected to fall to the level of 1.5249. The MACD indicator remains in negative territory.
Fundamental outlook: For today's session, BoE Gov. Carney will speak at 09:30 GMT in the United Kingdom.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5295, take profit is at 1.5249, and stop loss is at 1.5342.