Daily chart: This pair continues to fall approaching the bullish trend line near the support level of 1.6540. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6447. On the other hand, if this pair makes a bullish rebound at current levels, the bullish bias could be strengthened. The MACD indicator is entering negative territory.
H4 chart: The GBP/USD is consolidating below the resistance level of 1.6583, so it is very likely that this pair fall to the support level of 1.6516. If the pair manages to make a breakout on the resistance level of 1.6592, it's expected to rise to the level of 1.6644, which would be a bullish consolidation. The MACD indicator remains in negative territory.
H1 chart: This pair is still moving in low range below the 200 SMA. For now, the GBP/USD is trying to stay below the support level of 1.6578. If successful, it is expected to fall to the level of 1.6544. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6507. The MACD indicator is in 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 1.6544, take profit is at 1.6507, and stop loss is at 1.6580.
