GBP/USD Needs To Consolidate Before Resuming Its Way Up

Buy signals above 1,45, but be careful at current level (1,4675 – 1,4575) for it is a resistance. Under 1,438 sell signals long-term. On the monthly chart, the cable looks weak, but the two last candles are bullish and nearly erased the previous bearish candle. See the GBP/USD monthly chart:

GBP/USD Monthly Chart

The weekly chart is bearish, but the pair managed to break up 1,45, which was a former resistance. The cable now stands in the zone 1,4575 – 1,4675, which is a resistance. The last three candles form a three white soldiers pattern, indicating we are in shorter-term bullish trend, as we are going to see on the H4 chart. See the GBP/USD weekly chart:

GBP/USD Weekly Chart

On the daily chart ProfitF trades can clearly see the 1,4675 resistance and the 1,45 support, with an inverted head and shoulder at that level. The two last candles form an ugly evening star, which indicates the cable may go back down. In that case, it would probably go back to 1,45 to retest it, and we should look for buying signals there. See the GBP/USD daily chart:

GBP/USD Daily Chart

Finally, a quick look at the H4 chart. It is an uptrend, with all SMAS pointing up and parallel, but we also notice two reversal patterns, with a bearish engulfing candle, and then a shooting star. It looks like the pair needs to consolidate down a little before resuming its way up. See the GBP/USD H4 chart:

GBP/USD H4 Chart

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