The pair is still bearish in the short term. At the moment it is challenging a key area around 1.22, where sellers are waiting for another decline towards 1.2123. If GBP/USD manages to rebound at the current stage, we can expect further rebounds to reach the 1.2400 handle which is above the 200 SMA. However, such a scenario is not strong enough, as the price action continues to be in favor of the bears.
H1 chart's resistance levels: 1.2300 / 1.2400 H1 chart's support levels: 1.2218 / 1.2123 Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2218, take profit is at 1.2123, and stop loss is at 1.2317.
The material has been provided by InstaForex Company - www.instaforex.com
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