Daily chart: This pair continues to move slow enough and now, GBPUSD is forming a lower high pattern. Recall that the pair formed a fractal a couple of days ago, so we should be alert to any change in the trend in this pair. If this pair does break the support at the level of 1.6046, it is expected to drop to the level of 1.5883. The MACD indicator remains in positive territory.
H4 chart: GBPUSD is trying to break the resistance at the 1.6117 level, but this level is shown quite strong, which could lead to falls in this pair to the 200 SMA and to support at the level of 1.6004. On the other hand, if the pair manages to break that resistance level, it is expected to rise to the level of 1.6164. The MACD indicator remains in negative territory.
H1 chart: The resistance level at 1.6117 is very strong, because this pair has formed several fractals that caused slight declines in this pair, which prevents GBPUSD to perform consolidation above the level of 1.6117. If the pair manages to break the support at the 1.6075 level, it is expected to fall to the level of 1.6031, below the 200-day moving average. The MACD indicator is entering 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 1.6170, take profit is at 1.6216, and stop loss is at 1.6126.
