The pair is looking for another catalyst to follow the overall bullish bias, which has been followed above the 200 SMA at H1 chart, as GBP/USD was rejected by the resistance zone of 1.2409. If the Cable manages to break above that area, then we can expect a rally to test the 1.2512 level in the near-term, but the price action still favors to a lower continuation.
H1 chart's resistance levels: 1.2409 / 1.2512
H1 chart's support levels: 1.2292 / 1.2197
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 1.2292, take profit is at 1.2197 and stop loss is at 1.2387.
The material has been provided by InstaForex Company - www.instaforex.com
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