GBP/USD was affected by the UK Supreme Court's ruling to approve Article 50 via the UK Parliament, but moves were limited by a narrow range across the board. The resistance zone of 1.2566 was untouched and it seems that the support level of 1.2391 will hold for at least this week. However, if the pair manages to break that zone, we can expect further declines below the 200 SMA at H1 chart.
H1 chart's resistance levels: 1.2566 / 1.2645
H1 chart's support levels: 1.2475 / 1.2391
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 1.2566, take profit is at 1.2645 and stop loss is at 1.2487.
The material has been provided by InstaForex Company - www.instaforex.com
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