The pair was smashed by a sell-off wave during Monday's session, consolidating the price action below the 200 SMA, which has been acting as a dynamic resistance. So far, GBP/USD is targeting the support level of 1.3209, at which could gain some momentum. However, we're expecting a rebound to correct recent losses.
H1 chart's resistance levels: 1.3460 / 1.33592
H1 chart's support levels: 1.3309 / 1.3209
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 1.3309, take profit is at 1.3209 and stop loss is at 1.3408.
The material has been provided by InstaForex Company - www.instaforex.com
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