The pair is still supported by the dynamic bottom offered in the 200 SMA at H1 chart, but we can see that GBP/USD struggles to break higher the 1.2451 level. If Cable manages to consolidate above it, then our short-term target of 1.2516 will be reached. However, because of Thanksgiving holidays in the United States, we cannot expect such volatile moves to take place.
H1 chart's resistance levels: 1.2451 / 1.2516
H1 chart's support levels: 1.2396 / 1.2361
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 1.2451, take profit is at 1.2516 and stop loss is at 1.2386.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2grTbVT
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