Daily chart: The GBPUSD made a bearish rebound from resistance level at 1.6447. Now this pair is trying to consolidate above support at 1.6326 level, because this pair did not form a fractal near the 1.6447 level, so we can not yet talk about a turnaround in the GBPUSD. However, this is likely to pair up again to the level of 1.6447. The MACD indicator is still in positive territory.
H4 chart: This pair is looking for support on the bullish trend line near 1.6340 level. Now, it is very likely that this pair will make a bullish rebound above that level and try to climb up to the resistance level of 1.6495. On the other hand, if the GBPUSD manages to break the bullish trend line, it's expected to fall to the level of 1.6262. The MACD indicator is in negative territory and GBPUSD remains above the 200 SMA.
H1 chart: The GBPUSD rose to the resistance level at 1.6419 and at that level, the pair met strong resistance. Now this pair is consolidating back below the resistance level of 1.6375. If the pair manages to break the support level at 1.6331, it's expected to fall to the level of 1.6291. Moreover, we maintain the possibility that this pair will again break the resistance level at 1.6375 and rise to the level of 1.6419. The MACD indicator is entering extreme oversold zone and in neutral 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 1.6375, take profit is at 1.6419, and stop loss is at 1.6331.
