Daily chart: The GBP/USD had a fall to the support level at 1.6326. Now, this pair will try to break that level and if successful, would be expected to fall to the level of 1.6235, which is not very likely, because the GBP/USD remains very strong in the bullish trend and any order against the trend could be dangerous. However, it is quite possible that this pair make a bullish rebound at current levels and up to the level of 1.6447. The MACD indicator is entering extreme overbought zone and in neutral territory.
H4 chart: This pair broke the bullish trend line and now this is forming a higher low pattern below that trend line. It is very likely that this pair fall to the support level of 1.6262. On the other hand, you should wait for this pair make a breakout at the support level to put sell orders. Otherwise, one would have to wait for the GBP/USD is consolidated over again bullish trend line near 1.6370 level. The MACD indicator is still in negative territory.
H1 chart: This pair is forming a higher low pattern, but we must consider that the GBP/USD has made a bullish rebound above the 200 day moving average near 1.6331 level, so it is very likely that this pair up to resistance level of 1.6375. If the pair manages to break that level, it is expected to rise to the level of 1.6419. The MACD indicator is still in positive 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 1.6330.
