The pair is posting fresh multi-week highs across the board, ahead of the UK Supreme Court’s ruling on Brexit. We can expect high volatility whatever the ruling could be at the end and if GBP/USD attempts a rally from current stage, then it can test the resistance level of 1.2566, looking for the 1.2645 zone, while a pullback could push lower the Cable to test the 200 SMA.
H1 chart’s resistance levels: 1.2566 / 1.2645
H1 chart’s support levels: 1.2475 / 1.2391
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 1.2566, take profit is at 1.2645 and stop loss is at 1.2487.
The material has been provided by InstaForex Company – www.instaforex.com
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