GBP/USD is still finding a demand zone around 1.2551, while it still hovers below the 200 SMA at H1 chart. The pair can attempt a rebound to resume the overall bullish structure, but if that support mentioned above gives up, we can expect a downside continuation toward the 1.2430 level. MACD indicator is oversold and it could favor further rebounds.
H1 chart's resistance levels: 1.2653 / 1.2763
H1 chart's support levels: 1.2551 / 1.2430
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 1.2653, take profit is at 1.2763and stop loss is at 1.2543.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2giJY5o
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