Daily chart: The GBPUSD pair continues to fall below the resistance level at 1.6046. It is very likely that this pair falls to support at the 1.5883 level, because this pair has been weakening in recent hours. However, we must remember that this is still forming a lower high pattern. If this pair does break the support at the level of 1.5883, it is expected to drop to the level of 1.5746. The MACD indicator is entering neutral territory and is in extreme overbought area.
H4 chart: This pair continues to fall gradually during yesterday's session, it found support on the level of 1.5980. If the pair manages to break that level, it is expected to fall to support at the 1.5811 level. During this fall, the GBPUSD pair has formed several fractals, which could involve formation of a bearish trend in the short term. However, if the pair manages to consolidate above 1.6105 level, one would expect that the bullish trend is strengthened. The MACD indicator remains in negative territory.
H1 chart: This pair made a bullish rebound on the 200-day moving average and support at the 1.5966 level. If this pair manages to break the resistance level of 1.6031, it is expected to rise to the level of 1.6075. On the other hand, if the pair manages to break the support at the level of 1.5966, it is expected to drop to the level of 1.5871. The GBPUSD pair is still maintained on the 200-day moving average and the MACD indicator is in neutral territory, so we must be cautious.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6031, take profit is at 1.6075, and stop loss is at 1.5986.
