Daily chart: GBPUSD made a bearish rebound at the level of 1.5642, after having encountered strong resistance at that level due to the bullish momentum that the pair had yesterday. However, this can be the formation of a lower high pattern, so GBPUSD continues to rise and, eventually, will break the resistance level at 1.5642. If it breaks, it is expected to rise to the resistance level at 1.5746. Furthermore, if GBPUSD falls more over, it is expected to drop to the 1.5535 level. The MACD indicator is in neutral territory.
H4 chart: This pair is trying to consolidate above the support at the 1.5604 level, having encountered strong resistance near 1.5640 level. It is very likely to continue solid bullish trend in GBPUSD today, because this pair crossed the bullish trendline and closed above it. If GBPUSD manages to consolidate above this level, it is expected to rise to the resistance level at 1.5698. The MACD indicator remains in negative territory and extreme overbought area.
H1 chart: This pair made a bullish rebound near the 200-day moving average, after falling from the resistance at the 1.5632 level to the level of 1.5565. Now, this pair may break the resistance level of 1.5632 and if it succeeds, it is expected to rise to the level of 1.5686. Furthermore, if the GBPUSD manages to break the support level of 1.5590, it is expected to drop to the level of 1.5534. The MACD indicator is extremely oversold and entering positive territory, which could support our bullish outlook.
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 1.5632, take profit is at 1.5686, and stop loss is at 1.5578.