The pair has started to correct its cycle from the rebound in the 200 SMA on H1 chart. The resistance zone of 1.3592 is still providing a solid barrier for buyers and one could expect a retracement towards the psychological level of 1.3400. The overall view remains bullish. If that resistance gives up, further gains could be posted around 1.3755.
H1 chart's resistance levels: 1.3592 / 1.3755
H1 chart's support levels: 1.3309 / 1.3209
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 1.3592, take profit is at 1.3755 and stop loss is at 1.3430.
The material has been provided by InstaForex Company - www.instaforex.com
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