Daily chart: The GBPUSD pair continues to strengthen its bearish trend, breaking the support at the 1.5159 level. Now, this pair is setting its goals to the next support level at 1.5023. However, it is likely that during today's session GBPUSD pattern forms a higher low, so that it continues to fall over the next week. On the other hand, if the GBPUSD pair manages to break the resistance 1.5159 level it would be expected to rise to the level of 1.5266. The MACD indicator is in extreme overbought and entering negative territory.
H4 chart: This pair is consolidating below the support level at 1.5148, and now points to the next support at the level of 1.5032. If the GBPUSD pair manages to break the support at the 1.5008 level, it is expected to fall to the level of 1.4830. Moreover, if this pair manages to break the resistance level of 1.5148, it is expected to rise to the level of 1.5195. For now, this pair continues forming a bearish pattern and it is likely to continue to fall below the 200-day moving average. The MACD indicator remains in negative territory.
H1 chart: The GBPUSD pair continues to fall and remember that this pair found strong resistance below 1.5249 level, very close to the 200-day moving average. If the GBPUSD pair manages to break the support at the 1.5110 level it is expected to fall to the level of 1.5074. On the other hand, if GBPUSD pair manages to break the resistance level at 1.5146, it is expected to rise to the level of 1.5198, which is unlikely because very close to that resistance level, there is a Point of Control (POC). For now, GBPUSD stays below the 200-day moving average and the MACD indicator is in extreme oversold levels and in negative territory, so we must be cautious.
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 1.5074, take profit is at 1.5018, and stop loss is at 1.5132.
