Daily chart: GBP/USD had a significant drop to the support level of 1.6663, as a part of the corrective movement within the bullish trend. However, a breakout at the support level could lead GBP/USD to the level of 1.6540. On the other hand, if this pair makes a bullish rebound at current levels, it would be expected to rise again to the resistance level of 1.6766. The MACD indicator is in the overbought zone.
H4 chart: The GBP/USD is below the resistance level of 1.6667, so it is very likely that this pair make a bullish rebound at current levels to consolidate above this level. However, a breakout below the 1.6640 level could take this pair to the support level of 1.6592. The MACD indicator is still in negative territory.
H1 chart: This pair has consolidated below the 200 SMA, and now the GBP/USD is forming a higher low pattern below that level. However, we must be careful when placing sell orders, so it is very likely that this pair will make a bullish rebound at current levels and up to the level of 1.6700. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6750.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.
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