GBP/USD is making efforts to break above 1.2409, as the bulls are keeping the pair alive above the 200 SMA on H1 chart. If we witness a move to invalidate that resistance, then we could expect further rallies to test the 1.2512 level. However, the pair may start to pull back in order to test the 1.2292 level. MACD indicator is supporting the bearish scenario.
H1 chart’s resistance levels: 1.2409 / 1.2512
H1 chart’s support levels: 1.2292 / 1.2197
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2292, take profit is at 1.2197 and stop loss is at 1.2387.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review