The pair is facing a support around 1.3037 at which we're expecting a breakout in order to extend the decline for the short-term. That support should hold in order to make a rebound in GBP/USD towards the resistance zone of 1.3195 and correct the leg lower. To the downside, if the 1.3037 level gives up, another decline to test the 1.2914 is likely to happen.
H1 chart's resistance levels: 1.3195 / 1.3309
H1 chart's support levels: 1.3037 / 1.2914
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 1.3037, take profit is at 1.2914 and stop loss is at 1.3161.
The material has been provided by InstaForex Company - www.instaforex.com
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