Daily chart: GBP/USD made no major moves during yesterday's session, so this pair had no major changes in the current trend. However, GBP/USD might be forming a bearish pattern and eventually, this pair could fall to the support level of 1.6766. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6663. The MACD indicator is in negative territory.
H4 chart: The GBP/USD continues to seek resistance at the 1.6841 level and this pair has already formed two fractals in that area. However, the GBP/USD remains above the 200 SMA. If the pair manages to make a breakout at the support level of 1.6785, it's expected to fall to the level of 1.6762. The MACD indicator is entering neutral territory.
H1 chart: This pair has found resistance again at 200 SMA, as this pair were unable to climb to the resistance level of 1.6850. If GBP/USD manages to make a breakout at the support level of 1.6800, it's expected to fall to the level of 1.6750. For now, the GBP/USD remains in a bearish bias. 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 1.6800, take profit is at 1.6750, and stop loss is at 1.6850.
