Daily chart: GBPUSD is trying to form a higher low pattern and for now, this pair has not touched the support at the 1.5883 level, where the bullish trendline is placed. This pair is likely to rise to the resistance level at 1.6046, and if the pair manages to break that level, it is expected to rise to the level of 1.6146. Moreover, GBPUSD is still very likely to fall to the level of 1.5883. The MACD indicator remains in negative territory.
H4 chart: This pair made a bullish rebound at the moving average of 200 and now this pair is trying to break the resistance level at 1.6004. If the pair manages to break that level, it is expected to rise to the level of 1.6100. On the other hand, if the pair manages to break the bearish trendline near the level of 1.5905, it is expected to drop to the level of 1.5811. The MACD indicator is in extreme oversold zone and entering positive territory.
H1 chart: GBPUSD made a bullish rebound at the support at the 1.5925 level and now this pair is trying to break the resistance level at 1.5980 and if it succeeds, it is expected to rise to the level of 1.6031. On the other hand, if this pair makes a bearish rebound at current levels, it would be expected to fall to the level of 1.5925. GBPUSD stays below the 200-day moving average and the MACD indicator is in extreme overbought zone and entering neutral 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 1.5925, take profit is at 1.5871, and stop loss is at 1.5978.
