Daily chart: The GBP/USD had a very sharp drop below the resistance level of 1.6663 and the next target for the pair would be the support level of 1.6540. This could be a change in the trend in this chart, since the GBP/USD has formed a bullish candlestick, so is likely to continue falling this week. The MACD indicator is entering overbought area.
H4 chart: This pair has made a breakout in the support level of 1.6644 and GBP/USD is now very likely to find support on the bullish trend line near the 1.6610 level. If the pair manages to consolidate below that level, would be expected to fall to the level of 1.6592. The MACD indicator remains in negative territory.
H1 chart: The GBP/USD has tried to stay above the 200 day moving average but has not achieved, and this pair has formed a bearish pattern that has led it to consolidate below the 1.6629 level. It is very likely that this pair fall to the support level of 1.6578. If GBP/USD manages to make a breakout at this level, it's expected to fall to the level of 1.6544. The MACD indicator is in negative 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 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.
