Daily chart: The GBPUSD pair has broken the support level at 1.5266 and is likely to fall to the level of 1.5159. However, this pair could form a higher low pattern, to follow the current bearish trend. If GBPUSD manages to break the resistance at the 1.5266 level, it is expected to rise again to the level of 1.5407. Furthermore, it would be best to follow the trend because GBPUSD has been very weak, and it is unlikely that this pair is consolidated above the resistance level at 1.5407. The MACD indicator is in extreme overbought, so it would strengthen our bearish outlook for this pair.
H4 chart: GBPUSD is trying to consolidate below the resistance level at 1.5260. Now, this pair is forming a higher low pattern and this fall to support at the 1.5195 level is very likely. If GBPUSD manages to break that level, it would be expected to fall to the level of 1.5148. However, we must be pending before any pullback in this pair, because the current movements can be for a bullish rebound above the 200-day moving average. The MACD indicator remains in negative territory, helping to keep alive our bearish outlook.
H1 chart: This pair is forming a higher low pattern, below the resistance level of 1.5249. If this pair does break the support at the level of 1.5198, it is expected to drop to the level of 1.5146. On the other hand, if GBPUSD manages to break the resistance at 1.5249 level, it would be expected to rise again until the resistance level 1.5296. The MACD indicator is extremely oversold and entering neutral territory, so we must be careful with this pair, putting intraday orders.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5198, take profit is at 1.5146, and stop loss is at 1.5249.
