The bulls are setting the tone in the GBP/USD pair, as it has made a rebound above the 200 SMA at H1 chart and targets the resistance zone of 1.3440. A breakout around that area should expose the level of 1.3541, which should strengthen the bullish scenario in the mid-term. However, if it manages to make a pullback, then it could test the support area of 1.3303.
H1 chart's resistance levels: 1.3440 / 1.3541
H1 chart's support levels: 1.3303 / 1.3244
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 1.3440, take profit is at 1.3541 and stop loss is at 1.3337.
The material has been provided by InstaForex Company - www.instaforex.com
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