Daily chart: This pair continues to fall below the-200 day moving average and is about to touch the support level at 1.5407. This level is very important in the GBPUSD's bullish trend, because this could slow the current drop of this pair, but if an abrupt bearish break reaches this level, it is expected to fall to the level of 1.5266. On the other hand, if GBPUSD achieves in form of a lower high pattern and breaks the resistance level at 1.5506, it is expected to rise to the level of 1.5642. The MACD indicator is extremely overbought and showing much weakness in the overall bullish trend, so we must be careful with this pair.
H4 chart: GBPUSD is trying to break the support at the level of 1.5436, if it is successful, it is expected to fall to the level of 1.5411 and then to 1.5341. Furthermore, GBPUSD is within a range of high volatility, so it is probable that this pair manages to break the resistance around 1.5512 and 1.5600 psychological levels. GBPUSD remains above the 200-day moving average, but gradually this is approaching the SMA, so bearish force could prevail in this pair. The MACD indicator remains in negative territory and still shows no signs of weakness in the current bearish trend.
H1 chart: This pair is approaching the 200-day moving average, after finding strong resistance at the Point of Control (POC) near resistance at the level of 1.5460. If the pair manages to break that level, it is expected to rise again to the resistance level of 1.5501. Moreover, it is likely that GBPUSD will fall to the support level of 1.5406. If the pair manages to break that level, it is expected to fall to the level of 1.5376. The MACD indicator is in dangerous neutral territory, which is showing much indecision among investors and, therefore, we must be very cautious.
Fundamental outlook: For today's session, it will be the MPC Official Bank Rate Votes and the Claimant Count Change will be published at 08:30 GMT in the United Kingdom.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5406, take profit is at 1.5376, and stop loss is at 1.5436.
