The pair gained fresh bullish momentum around 1.2387, which is a key demand zone across the board and we can see that it's heading towards the 200 SMA. However, the resistance level of 1.2527 could help to resume the overall bearish bias. If that happens, then we can see a downside continuation to test fresh levels below the demand area mentioned above. It should be noted that the Bollinger indicator is heading to the upside in the short-term.
H1 chart's resistance levels: 1.2527 / 1.2585
H1 chart's support levels: 1.2456 / 1.2387
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 1.2456, take profit is at 1.2387 and stop loss is at 1.2527.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2hKHVV2
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