Daily chart: GBPUSD continues to fall in this chart and now this pair is trying to break the support at the 1.6046 level. If successful, it is expected to fall to the level of 1.5883. The pair met strong resistance at the 1.6235 level and there it formed a fractal, which could be an indicator that the GBPUSD trend has changed. If the fall extended reaches the level of 1.5883, it is likely that this pair would drop to the 200-day moving average. The MACD indicator is entering negative territory.
H4 chart: GBPUSD is approaching the bullish trendline near the 1.5950 level. It is very likely that this pair continues to fall, because the 200-day moving average is very close and GBPUSD is trying to fall to this level. This pair found resistance at the 1.6247 level and it shows that this level will be very difficult to break. The MACD indicator is in negative territory and this pair is approaching the 200-day moving average.
H1 chart: GBPUSD finished to form a higher low pattern below the resistance level of 1.6075, and now this pair is trying to break the support at the level of 1.6031. If the pair manages to break that level, it is expected to fall to the level of 1.5980. On the other hand, if this pair makes a bullish rebound at current levels, it would be expected to rise to the level of 1.6075. The MACD indicator is in extreme oversold zone and in neutral territory.
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 1.5980, take profit is at 1.5871, and stop loss is at 1.6091.
