Daily chart: The GBP/USD has had a fall to the support level of 1.6540 and now this pair is trying to consolidate below that level. However, it is expected that the GBP/USD start forming a higher low pattern. It should be noted that near the support level of 1.6447, there is a bullish trend line that could serve as support for this pair. The MACD indicator is in negative territory.
H4 chart: This pair found resistance near the 1.6644 level and fell below the 200 SMA. Now, the GBP/USD is forming a higher low pattern. If the pair manages to make a breakout at the support level of 1.6516, it's expected to fall to the level of 1.6483. On the other hand, if the GBP/USD manages to consolidate above the 1.6592 level, it's expected to rise to the level of 1.6644. The MACD indicator is in negative territory.
H1 chart: The GBP/USD is forming a higher low pattern below the resistance level of 1.6544. If the pair manages to make a breakout at the support level of 1.6507, it's expected to fall to the level of 1.6464. On the other hand, if the pair manages to make a consolidation above the 1.6544 level, it's expected to rise to the level of 1.6578. 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 1.6507, take profit is at 1.6464, and stop loss is at 1.6549.
