Daily chart: This pair continues extending its drop below the resistance at 1.6146 level and now, GBPUSD is trying to break the support level at 1.6046 and the bullish trend line. If the pair manages to break that level, it is expected to fall to the level of 1.5883. On the other hand, it is very likely that this pair will conduct a bullish rebound at current levels and if it succeeds, it is expected to rise to the level of 1.6146. The MACD indicator remains in negative territory.
H4 chart: Finally, this pair is approaching the 200-day moving average near the support at the 1.6004 level, which a bullish trend line lies nearby. If the pair manages to break that level, it is expected to fall to the level of 1.5895. However, we must remember that this pair has had a very deep fall, so it would be expected to begin to form a higher low pattern. The MACD indicator remains in negative territory.
H1 chart: GBPUSD continues to fall below the 200-day moving average and now this pair is forming a higher low pattern below the resistance at the 1.6075 level. If this pair does break the support at the level of 1.6031, it is expected to drop to the level of 1.5980. On the other hand, if this pair manages to break the resistance at 1.6075 level, it would be expected to rise to the level of 1.6117. The MACD indicator remains in positive 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 1.6031, take profit is at 1.5980, and stop loss is at 1.6083.
