Daily chart: This pair found resistance at the 1.6447 level, and now it is very likely that this fall will extend to the support level of 1.6326. If the pair manages to break that level, it would be expected to fall to the level of 1.6235. On the other hand, remember that this could be a simple corrective movement, which is normal in this pair, because of its bullish laterality. The MACD indicator is in extreme overbought zone and entering negative territory.
H4 chart: GBPUSD is falling below the resistance level of 1.6441. Most likely, it will fall to support at the level of 1.6262, very close to the 200 SMA. Should be this fall, it is very likely to find support there and make a bullish rebound above that level, to climb to the resistance level at 1.6441. The MACD indicator is still in negative territory.
H1 chart: This pair is forming a higher low pattern above the 200-day moving average and below the resistance level of 1.6375. It seems that GBPUSD will extend its decline to the level of 1.6331 which would strengthen the current bearish intraday trend in this pair. Moreover, if this pair manages to break the resistance level of 1.6419, it is expected to rise to the level of 1.6464. The MACD indicator is entering extremely oversold zone and continues in 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 1.6419, take profit is at 1.6464, and stop loss is at 1.6375.
