Daily chart: GBPUSD is trying to break the bullish trend line support near the 1.6046 level. If the pair manages to break that trend line, it is likely that this pair will continue the bullish move for a few days. On the other hand, if the pair found support at current levels, it is likely to rise again to the resistance level at 1.6146. The MACD indicator remains in negative territory.
H4 chart: This pair has found support at the 200-day moving average. It is very likely that this pair will conduct a bullish rebound at these levels, because there the bullish trend line lies. If successful, it is expected to rise to resistance level at 1.6164. On the other hand, if the pair manages to break the support at the level of 1.6004, it is expected to drop to the level of 1.5895. The MACD indicator is entering extremely oversold zone.
H1 chart: GBPUSD found strong resistance at the 1.6075 level and quickly fell to the support level at 1.6031. If the pair manages to consolidate below that level, it would be expected to fall to support at the 1.5980 level. As long as GBPUSD stays below the 200-day moving average, our bearish outlook is still alive in this pair. The MACD indicator is entering negative territory and remains in extremely overbought area.
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.
