The pair stayed in a sideways range, supported by the 1.3303 level across the board. The 200 SMA at H1 chart still offers a dynamic resistance and it should help to push lower to GBP/USD in order to ride a bearish trend towards the 1.3228 level. However, as long as it remains above 1.3228, our bullish outlook will be untouched.
H1 chart's resistance levels: 1.3417 / 1.3541
H1 chart's support levels: 1.3303 / 1.3228
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 1.3417, take profit is at 1.3541 and stop loss is at 1.3298.
The material has been provided by InstaForex Company - www.instaforex.com
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