Daily chart: The GBP/USD continues to weaken in this chart, because this pair is close to the level of 1.6900. If the GBP/USD makes a breakout on that level, the next target would be the support level of 1.6851. The pair could begin forming a bearish pattern above that level. The MACD indicator is in negative territory.
H4 chart: This pair has consolidated below the resistance level of 1.6920 with the formation of a bearish pattern. If GBP/USD manages to make a breakout in the support level of 1.6900, it's expected to fall to the 1.6841 level in the short term, because the bearish outlook is strong in this pair. The GBP/USD stays below the 200 SMA.
H1 chart: The GBP/USD has made a bullish rebound above the support level of 1.6900, where the pair continues forming a bearish pattern. If the pair manages to consolidate below that level, it would be expected to fall to the support level of 1.6850. The MACD indicator is moving into positive 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 1.6900, take profit is at 1.6850, and stop loss is at 1.6950.
