Daily chart: During yesterday's session, the GBP/USD fell and broke the support at the 1.4894 level and the bullish trend line. Now, this pair is finished to form a higher low pattern below these levels and if it succeeds, it is likely to fall to the level of 1.4719. The overall outlook for this pair is still quite bearish, so I do not recommend putting buy orders at the time due to these sharp falls that had the GBP/USD. The MACD indicator remains in the negative territory and approaching extreme oversold levels.
H4 chart: The GBP/USD continues moving above the support at the level of 1.4830. If the pair manages to break this level, it is expected to fall to the level of 1.4765, where the bearish trend line is. On the other hand, if the GBP/USD manages to break the resistance at 1.5032 level, it is likely to rise to the level of 1.5148. The MACD indicator remains in positive territory, although it is possible that between a neutral territory in the coming hours.
H1 chart: In this chart, the pair is forming a higher low pattern, above the support at the 1.4841 level. At current levels, it has formed a Point of Control (POC). If the GBP/USD manages to break this POC and this support, it is expected to fall to the level of 1.4785. The GBP/USD stays below the 200 day moving average and the MACD indicator remains in a weak positive territory, which could change during the next hours of today's session.
Fundamental outlook: For today's session, the 10-y Bond Auction will be published at 17:00 GMT and the Fed Chairman's Ben Bernanke speech at 20:10 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 1.4841, take profit is at 1.4785, and stop loss is at 1.4900.
