Daily chart: Like the other major pairs, this cross had some pretty volatile movements due to economic news released in the United States. GBPUSD made a bullish rebound above the support level at 1.6235 and managed to consolidate above the 1.6326 level. Now this pair is trying to break the resistance level at 1.6447. If successful, it is expected to rise to the level of 1.6540. The MACD indicator is still in negative territory.
H4 chart: GBPUSD attempted to consolidate above the 1.6464 level but failed, as it formed a fractal there before falling below the resistance level of 1.644 . However, this pair is still very bullish, as it stays above the 200 SMA. If this pair manages to break the resistance level at 1.6464, it is expected to rise to the level of 1.6500. The MACD indicator is still in positive territory.
H1 chart: This pair is forming a bullish pattern above the level of 1.6375 after it has set above the 200 SMA. If this pair manages to break the resistance level at 1.6419, it is expected to rise to the level of 1.6464. Moreover, if this pair breaks through the support level of 1.6375, it is expected to fall to the level of 1.6331. The MACD indicator is still in negative 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 1.6419, take profit is at 1.6464, and stop loss is at 1.6375.