Daily chart: GBPUSD has strengthened its current bearish trend, and it is likely that this trend will continue for a few days due to that strong weakness has presented the pound recently against other currency pairs. If this pair does break the support at the level of 1.5883, it is expected to drop to the level of 1.5746. However, it would be expected to begin to form a higher low pattern, before continuing to fall. The MACD indicator remains in negative territory.
H4 chart: This pair is forming a higher low pattern over the support at the level of 1.5895. If the pair manages to break that level, it is expected to fall to the level of 1.5811. On the other hand, it is very likely that this pair conduct a bullish rebound at current levels and go up to the resistance level at 1.6004. The MACD indicator remains in negative territory and is entering extremely oversold area, so we must be cautious.
H1 chart: GBPUSD continues extending its drop below the 200-day moving average, which further strengthens our bearish outlook on this pair. If this pair does break the support at the level of 1.5925, it is expected to drop to the level of 1.5871. On the other hand, if the pair manages to break the resistance level at 1.5980, it is expected to rise to the level of 1.6031. The MACD indicator is in extreme oversold zone and entering 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 1.5925, take profit is at 1.5871, and stop loss is at 1.5977.