Daily chart: GBPUSD remains above the support level at 1.6326 and now this pair is trying to make a breakout at that level. If the pair manages to break that level, it will be expected to fall to the level of 1.6235. On the other hand, it is expected to rise to the level of 1.6447 if the pair makes a bullish rebound to current levels. The MACD indicator is still in negative territory.
H4 chart: This pair continues forming a lower high pattern below the 1.6441 level. Recall that near that level, the pair formed a fractal, which adds more to the bearish sentiment in the short term. If the pair manages to break the support level at 1.6292, it is expected to fall to the level of 1.6262. The MACD indicator is still in negative territory.
H1 chart: This pair remains within the range between 1.6375 and 1.6331 levels. If this pair manages to break the resistance level at 1.6375, it is expected to rise to the level of 1.6419, which would mean a consolidation above the 200 SMA. 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 remains 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 1.6329.
