Daily chart: This pair is still below resistance at the 1.6046 level, trying not to prolong its fall to the support level at 1.5883. The current bullish trend for this pair is still very strong, so we must be cautious when placing orders against the trend. If this pair manages to break the resistance level of 1.6046, it is expected to rise to the level of 1.6146 to continue forming a lower high pattern. The MACD indicator remains in positive territory and is entering extremely overbought levels.
H4 chart: The GBPUSD pair is still facing resistance near the 1.6100 psychological level. It is very likely that this pair is kept moving at a low range, due to the indecision out there on this pair. If the pair manages to break the support at the 1.5995 level, it is expected to fall to extend into support at 1.5811 level. Furthermore, any break of the GBPUSD pair in the resistance of 1.6100 level would mean strengthening of the bullish trend. The MACD indicator remains in negative territory and is entering extreme oversold zone.
H1 chart: This pair has managed to consolidate above support at the 1.6031 level. If this pair manages to break the resistance level of 1.6075, it is expected to rise to the level of 1.6117. On the other hand, if the pair manages to break the support at the 1.6031 level it is expected to fall back to the support level at 1.5966, very close to the 200-day moving average. The MACD indicator is in neutral territory.
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 1.6075, take profit is at 1.6117, and stop loss is at 1.6033.