The pair still finds strong resistance around 1.2526, where buyers are being blocked by a supply area where pullbacks are trying to send it toward 1.2420, where is located the 200 SMA at H1 chart. If that level gives up, then GBP/USD could be on its way to reaching the support zone of 1.2274, which should start to strengthen the bearish bias in the near-term.
H1 chart's resistance levels: 1.2526 / 1.2657
H1 chart's support levels: 1.2420 / 1.2274
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 1.2526, take profit is at 1.2657 and stop loss is at 1.2396.
The material has been provided by InstaForex Company - www.instaforex.com
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