GBP/USD is looking for a clear direction in the short term as the pair is trapped inside a sideways range across the board, hovering around the 200 SMA zone. If we see a breakout above the resistance level of 1.2516, then we can expect an advance towards November 11th highs, because the support area of 1.2377 seems to be a very strong demand zone.
H1 chart's resistance levels: 1.2434 / 1.2516
H1 chart's support levels: 1.2377 / 1.2254
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2434, take profit is at 1.2516 and stop loss is at 1.2351.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2goPJPm
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