Daily chart: The pair touched the support level at 1.5883 and now, GBPUSD is trying to break that level. If successful, it is expected to fall to the level of 1.5746, which would extend the bearish trend for a few days in this pair. Moreover, it is likely that this pair conducts a bullish rebound and rise to the resistance level at 1.6046. The MACD indicator remains in negative territory.
H4 chart: GBPUSD is consolidating below the resistance level at 1.5895, with the formation of a higher low pattern. If the pair manages to complete the formation of this pattern, it is expected to fall to support at the 1.5811 level. On the other hand, if the pair manages to break that resistance level, it is expected to rise to the level of 1.6004. The MACD indicator is entering extreme oversold zone.
H1 chart: The GBPUSD pair is forming a higher low pattern below the resistance level of 1.5925. If this pair does break the support at the level of 1.5871, it is expected to drop to the level of 1.5810. On the other hand, if the pair manages to break the resistance at 1.5925 level, it would be expected to rise to the level of 1.5980. The MACD indicator remains in positive territory and is likely to enter neutral territory in the coming hours.
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 1.5871, take profit is at 1.5810, and stop loss is at 1.5933.
