GBP/USD is still holding a bullish consolidation above the 200 SMA as the pair is waiting for the US elections' outcome. While a Hillary Clinton's victory may give a fresh bullish momentum to the US dollar, Trump as the new US president could add strong pressure to the greenback, that should mean a stronger GBP across the board. If the pair manages to break the 1.2482 level, then it can reach the 1.2600 zone. However, if GBP/USD plummets below the 200 SMA and breaks the 1.2262 level, it can go towards the 1.2100 level.
H1 chart's resistance levels: 1.2413 / 1.2482
H1 chart's support levels: 1.2335 / 1.2262
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 1.2413, take profit is at 1.2482 and stop loss is at 1.2343.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com https://www.instaforex.com/forex_analysis/83997/
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