Daily chart: This pair has made a bullish rebound at the support level of 1.6326 and now the pair is closer to the resistance level of 1.6447. If the pair manages to break that level, it is expected to rise to the level of 1.6540, which was the beginning of a bullish bias on GBP/USD. On the other hand, it is very likely that the GBP/USD will start forming a lower high pattern. The MACD indicator is entering neutral territory.
H4 chart: The GBP/USD returned to the 200-day moving average, after the pair had moved below the 1.6336 level. If the pair manages to consolidate above resistance level of 1.6441, it's expected to rise to the level of 1.6464. On the other hand, if this pair makes a bearish rebound in 200 SMA, it would be expected to fall to the support level of 1.6336. The MACD indicator is in positive territory.
H1 chart: The GBP/USD could perform a bearish rebound in 200 SMA, as this level can serve as dynamic resistance for this pair. If successful, it is expected to fall to the support level of 1.6338. On the other hand, this pair has found strong support at the point of control at the level of 1.6300. If this pair manages to break the resistance level of 1.6419, it's expected to rise to the level of 1.6464. The MACD indicator is in extremely overbought zone and entering neutral 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 1.6375, take profit is at 1.6338, and stop loss is at 1.6411.
