The pair continues to consolidate gains across the board and it's forming a higher high pattern above the 1.3700 mark. Currently, GBP/USD is targeting the resistance zone of 1.3846, where a breakout should open the doors to test the 1.3979 level. To the downside, the nearest support lies at the lower band of Bollinger bands. MACD indicator still favors to the bears in the short-term.
H1 chart's resistance levels: 1.3846 / 1.3979
H1 chart's support levels: 1.3612 / 1.3526
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 1.3846589, take profit is at 1.3979 and stop loss is at 1.3714.
The material has been provided by InstaForex Company - www.instaforex.com
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