Daily chart: The GBP/USD has strongly consolidated below the level of 1.6447, and now it is trying to make a breakout in the support level of 1.6326. Near current levels, it has formed a bullish trend line, so this pair is likely to find support there. However, if it makes a breakout in the trend line, it is expected to fall to the level of 1.6235. The MACD indicator is in negative territory.
H4 chart: This pair has consolidated below the 200 SMA and now the GBP/USD is forming a bearish pattern below the level of 1.6308. If the pair manages to break the support level of 1.6292, it is expected to fall to the level of 1.6247. In this chart, you can clearly see that the GBP/USD continues its bearish bias, so it is advisable to follow the trend. The MACD indicator is still in negative territory.
H1 chart: The GBP/USD has made a breakout at the level of 1.6331, which has formed a point of control. Now the pair is forming a higher low pattern. If it manages to break the support level of 1.6291, it is expected to fall to the level of 1.6252. Moreover, if it manages to break the resistance level of 1.6331, it is seen to rise to the level of 1.6375. The MACD indicator is in extreme oversold zone.
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 1.6291, take profit is at 1.6252, and stop loss is at 1.6329.
The material has been provided by InstaForex Company - www.instaforex.com
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