GBP/USD is still dominated by the bulls in the short-term amid USD weakness. Technically, the pair is consolidated above the 200 SMA at H1 chart and it's expected to continue higher in the near-term, at least towards the resistance zone of 1.3014. Bollinger bands are trying to expand and it's a sign that the pair is entering into overbought territory.
H1 chart's resistance levels: 1.2958 / 1.3013
H1 chart's support levels: 1.2842 / 1.2761
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 1.2958, take profit is at 1.3013 and stop loss is at 1.2903.
The material has been provided by InstaForex Company - www.instaforex.com
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