GBP/USD is strengthening its bullish structure above the 200 SMA at H1 chart, but gains are being capped by the resistance zone of 1.2962. If a breakout happens over there, then we might expect further advances toward 1.3018 in a first degree, while a pullback should send the pair to test the 200 SMA and possibly to break below 1.2892 in order to test the 1.2845 level.
H1 chart's resistance levels: 1.2962 / 1.3018
H1 chart's support levels: 1.2892 / 1.2845
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 1.2892, take profit is at 1.2845 and stop loss is at 1.2939.
The material has been provided by InstaForex Company - www.instaforex.com
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