Daily chart: GBPUSD is consolidating above the support at the 1.6146 level and forming a lower high pattern. It is very likely that this pair rises to the resistance level of 1.6235. On the other hand, if the pair manages to break the support at the level of 1.6146, it is expected to drop to the level of 1.6046. The MACD indicator is in neutral territory and in extreme oversold zone. GBPUSD remains above the 200-day moving average.
H4 chart: This pair is forming a lower high pattern above the support at the level of 1.6146. This pair is expected to rise to the resistance level at 1.6262, and if it breaks it, it is expected to rise to the level of 1.6335. Furthermore, if GBPUSD manages to break the support level of 1.6164, it is expected to drop to the level of 1.6135, where the bullish trendline is placed. The MACD indicator is in extreme overbought zone and entering neutral territory .
H1 chart: GBPUSD remains in the range between the 1.6216 and 1.6170 levels. If this pair manages to break the resistance level of 1.6216, it is expected to rise to the level of 1.6252. On the other hand, if the pair manages to break the support at the level of 1.6170, it is expected to drop to the level of 1.6117. The MACD indicator remains in negative 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 1.6216, take profit is at 1.6252, and stop loss is at 1.6176.
