Daily chart: The GBP/USD had a session yesterday rather slow, as this pair failed to climb to the resistance level of 1.6447. For now, it is very likely that this pair will begin to form a bullish pattern to try to climb up to that level. However, the GBP/USD could perform deeper correcitve movements to the support level of 1.6326. The MACD indicator is in negative territory.
H4 chart: This pair found dynamic resistance at the 200-day moving average, so it is expected that the GBP/USD will fall to the support level of 1.6336. On the other hand, if the pair manages to make a breakout at the resistance level of 1.6441, it's expected to rise to the level of 1.6464. For now, the hypothesis that the GBP/USD make a bearish rebound at current levels is maintained. The MACD indicator is entering overbought area.
H1 chart: Near 200 SMA, the GBP/USD is forming a point of control, which can generate bearish pressure on this pair. If the GBP/USD manages to break the support level of 1.6375, it's expected to fall to the level of 1.6338. On the other hand, we must be vigilant against a breakout at the level of 1.6419, as this would invalidate our bearish outlook for this pair. The MACD indicator is 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.
