Weekly Timeframe: The weekly timeframe shows that price is currently trading just below a major weekly supply area coming in at 1.5784-1.5567.
Daily Timeframe: Following Tuesday’s retest of the daily swap level support at 1.5426, price saw follow-through buying yesterday, which, as you can see, just missed the daily supply area visible at 1.5619-1.5548 (located just within the aforementioned weekly supply area) by a few pips.
4hr Timeframe: Recent developments from the 4hr timeframe suggest that further buying may indeed be seen on the GBP/USD pair today. We say this because price is currently showing buying interest around the 1.5500 handle at the moment. In the event that a further push higher is seen, and price breaks above the 1.5537 minor high, we can very likely expect price to challenge a nice-looking 4hr Quasimodo resistance level seen at 1.5584 (located relatively deep within the aforementioned daily supply area).
Therefore, given that price is trading around higher-timeframe resistance, we feel relatively confident setting a pending sell order at 1.5580, seen just below the aforementioned 4hr Quasimodo resistance level.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders are seen at: N/A).
• Sell orders: 1.5580 (Predicative stop-loss orders are seen at: 1.5623).