The pair managed to consolidate gains above the support zone of 1.2566 and it's looking to test the 1.2645 level. The overall bullish bias remains intact, as the 200 SMA at H1 chart provided fresh momentum and it's helping GBP/USD to reach the 1.2700 psychological area. However, if we can start to witness some pullbacks across the board, Cable can plunge to test the 1.2475 level.
H1 chart's resistance levels: 1.2645 / 1.2721
H1 chart's support levels: 1.2566 / 1.2475
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 1.2645, take profit is at 1.2721 and stop loss is at 1.2566.
The material has been provided by InstaForex Company - www.instaforex.com
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