Daily chart: The GBP/USD had a profound fall below the resistance level of 1.6447. Now, it is very likely that this pair fall to the support level of 1.6326. If the pair manages to break that level, would be expected to fall to the level of 1.6235. Now, the GBP/USD is forming a higher low pattern, so it is likely to continue falling. However, our outlook remains bullish in the medium term. The MACD indicator is in negative territory.
H4 chart: This pair has made a bullish rebound above the 200 SMA and now, the GBP/USD is facing resistance at the bullish trend line near the level of 1.6395. If the pair manages to break that level, it is expected to rise to the level of 1.6435. Moreover, if this pair does break the support at the level of 1.6336, it is expected to fall to the level of 1.6292. The MACD indicator is still in negative territory.
H1 chart: The GBP/USD has formed a point of control below the support level at 1.6375, which gives strength to this pair to perform bullish rebounds. It is very likely that this pair rises to the resistance level of 1.6419. If the pair manages to break that level, it is expected to rise to the level of 1.6464, which would be a consolidation above the 200 SMA. 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 1.6419, take profit is at 1.6464, and stop loss is at 1.6375.В
