Daily chart: This pair is forming a higher low pattern over the support at the level of 1.6046. It is likely that this will only be a bullish rebound and eventually GBPUSD could rise to resistance at the 1.6146 level. On the other hand, if the pair manages to break this support level, it would be expected to fall to the level of 1.5883, where the bullish trendline is placed. The MACD indicator is in negative territory and there is still strength in the current bearish trend of GBPUSD.
H4 chart: GBPUSD made a bullish rebound at the support level of 1.6004. This pair could be forming a higher low pattern, because this fractal formed a bullish trendline near the 1.6125 level. This pair is likely to fall to the support at the 1.6004 level. On the other hand, if the pair manages to break the bullish trendline, it would be expected to rise to the level of 1.6164. The MACD indicator is in positive territory and GBPUSD remains above the 200-day moving average.
H1 chart: This pair managed to break the resistance at the 1.6075 level, but the dynamic resistance is found at the 200-day moving average near 1.6117 level. If this pair does break the support at the level of 1.6075, it is expected to drop to the level of 1.6031. On the other hand, if the pair manages to break the resistance at the 1.6117 level, it would be expected to rise to the level of 1.6170 . The MACD indicator is in extreme overbought zone and entering negative territory.
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 1.6075, take profit is at 1.6031, and stop loss is at 1.6117.
