Daily chart: GBPUSD is forming a bearish pattern above support at the 1.6326 level. Now, it is very likely that this pair will begin to make slow movements, but in favor of the current intraday trend (bearish), because it is normal for this pair make a long correction overall trend in this chart. If the pair manages to break the support level at 1.6326, it is expected to fall to the level of 1.6325. The MACD indicator is in extremely overbought zone and entering negative territory.
H4 chart: This pair is forming a higher low pattern below the 1.6380 level. It is very likely that GBPUSD will fall to the level of 1.6262, as long as the bears are those that dominate in today's session. On the other hand, it is expected to rise to the level of 1.6441 if the pair takes a bullish rebound to current levels. The MACD indicator is entering extremely oversold zone and continues into negative territory.
H1 chart: GBPUSD has made a slight bullish rebound at the support level of 1.6331, but this still remains below the 200 SMA. If this pair manages to break the resistance level at 1.6375, which is expected to rise to the level of 1.6419, which is a fairly strong level in this chart. Moreover, if this pair does break the support at the level of 1.6331, it is expected to fall to the level of 1.6291. 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.
