The pair recovered above the 200 SMA and it's finding resistance around the 1.2522 level. If the Cable manages to break above that area, we can expect a rally to go toward 1.2598 in the short-term. Overall, the 200 SMA is providing a nice map for a further path in the pair and it seems that the odds are pointing to the upside, with a next key resistance placed at the 1.2700 psychological zone.
H1 chart's resistance levels: 1.2522 / 1.2598
H1 chart's support levels: 1.2420 / 1.2333
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 1.2522, take profit is at 1.2598 and stop loss is at 1.2447.
The material has been provided by InstaForex Company - www.instaforex.com
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