Daily chart: The GBP/USD had a drop below the level of 1.6540 and reached to touch the support level of 1.6447. Now this pair is forming a bearish pattern above that level, but we should remember that at this level the pair usually finds strong support and makes a bullish rebound again to try to consolidate above the level of 1.6540. However, if the pair manages to break the support level at 1.6447, it's expected to fall to the level of 1.6326. The MACD indicator is entering negative territory.
H4 chart: The GBPUSD managed to fall to the level of 1.6441, where the 200 day moving average is located. There, the pair made a bullish rebound and formed a fractal. If it manages to break the resistance level of 1.6516, it's expected to rise to the level of 1.6592. Moreover, if this pair does break the support at the level of 1.6464, it is expected to fall to the level of 1.6441. The MACD indicator is still in negative territory.
H1 chart: This pair is forming a higher low pattern below the 200 SMA and the point of control. If the pair manages to break the support level at 1.6464, it's expected to fall to the level of 1.6419. Moreover, if this pair manages to break the resistance level of 1.6507, it is expected to rise to the level of 1.6544. The MACD indicator is moving into positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6464, take profit is at 1.6419, and stop loss is at 1.6509.
