GBP/USD has been bullish in the daily chart. The price has been heading towards the North upon producing a bullish engulfing candle. Major intraday charts show that the price has been in a bearish correction. The buyers may go long again if the price finds its intraday support. Thus, the pair may end up producing another bullish candle in the daily chart. Let us now have a look at three major charts.
Chart 1 GBP/USD Daily Chart
The chart shows that the price has been heading towards the North with good bullish momentum. On its way, it made a breakout at 1.27870. The daily buyers may want to wait for the price to consolidate around the breakout level and get a bullish daily candle to go long in the pair to get excellent risk-reward. However, if the price makes a breakout at yesterday’s highest high, the price may head towards the North and finds its next resistance around 1.31400.
Chart 2 GBP/USD H4 Chart
The chart shows that the price had a bounce around the level of 1.26700 and headed towards the North. On its way, it made a breakout at 1.28150 and traded above the level for several candles. The price seems to have found its resistance at 1.29000. It produced a bearish engulfing candle as well. It may head towards the South and find it support around 1.28150. The buyers are going to wait for the price to produce a bullish reversal candle to go long in the pair. The price may find its next resistance around 1.30350. If the level is breached, the price may get choppy and roam around within 1.27550-1.28150.
Chart 3 GBP/USD H1 Chart
The chart shows that the price after making a breakout at 1.28550 traded above the level. It found its resistance around 1.29000 and a rejection twice. The level of 1.28550 has been working as a level of support. If the level holds the price and produces a bullish engulfing candle, the buyers may go long in the pair above 1.28750. The price may find its next resistance around 1.29700. The double top factor may attract the sellers to go short in the pair if the price makes a breakout at 1.28550. The price may find its next support around 1.28100.
The daily chart may need some time to offer a long entry as far as the risk-reward ratio is concerned. However, the H4 and the H1 chart look good for the buyers. Thus, the pair may get bullish later today and end up producing another bullish candle in the daily chart.