GBP/USD is looking to break above 1.2957, as the bulls gathered momentum across the board during last week. However, this rise has been done above the 200 SMA in the H1 chart in a slow tone. If that level gives up to the upside, it can rally to test the resistance zone of 1.3029. MACD indicator is turning flat, forecasting some sideways.
H1 chart's resistance levels: 1.2957 / 1.3029
H1 chart's support levels: 1.2855 / 1.2652
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 1.2957, take profit is at 1.3029 and stop loss is at 1.2887.
The material has been provided by InstaForex Company - www.instaforex.com
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