Daily chart: Yesterday, the GBP/USD was very bearish breaking the support level at 1.5159 and bullish trend line. Now, the GBPUSD has made a small rebound at support level 1.5023. If the pair manages to break this support, it is expected to fall below 1.4894 level. You may be close to that level make a bullish rebound, because there is another bullish trend line on the road. Meanwhile, the GBP/USD is still very bearish because it remains below the SMA 200. The MACD indicator remains in negative territory.
H4 chart: In this chart, the cable is forming a higher low pattern above the support at the level of 1.5032. If the GBP/USD manages to break the support at the 1.5008 level, it's expected to fall to the level of 1.4830. Furthermore, there is the possibility that the GBP/USD will conduct a bullish rebound in the current levels and up to the level of 1.5148, which is located a bearish trend line. The GBP/USD stays below the 200 day moving average and the MACD indicator remains in a negative territory, so our bearish outlook for this pair is still alive.
H1 chart: In this chart we can clearly see that the GBP/USD broke important supports, so its bearish trend has strengthened exponentially. Now, the cable is forming a higher low pattern over the support at the level of 1.5018. If the GBP/USD manages to break this support, it is expected to fall to the level of 1.4972. On the other hand, if the pair manages to make a bullish rebound in that support, it's expected to rise to the level of 1.5074. The MACD indicator is in extreme oversold but still in negative territory, so today's session could be somewhat slow for this pair.
Fundamental outlook: For today's session, the Non-Farm Employment Change (Previous: 175K / Forecast: 163K) will be published and Unemployment Change (Previous: 7.6% / Forecast: 7.5%) at 12:30 GMT in the United States.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks with a bearish candlestick, the support level is at 1.5018, take profit is at 1.4972, and stop loss is at 1.5063.
