The pair doesn't have a clear direction in the short-term, despite it's consolidating the price action below the 200 SMA at H1 chart. To the downside, all focus is pointing to the support zone of 1.2756, but we expect that a recovery takes place in order to re-test the psychological level of 1.3000. MACD indicator is supporting the bullish bias, as it's turning to the positive territory.
H1 chart's resistance levels: 1.3011 / 1.3105
H1 chart's support levels: 1.2923 / 1.2756
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 1.3011, take profit is at 1.3105 and stop loss is at 1.2918.
The material has been provided by InstaForex Company - www.instaforex.com
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