The pair is hovering around the 200 SMA price zone at H1 chart, as the bears have been taking a break, following a strong decline was seen since November 11th. If GBP/USD manages to break the resistance level of 1.2516, we can expect a rally towards the 1.2600 psychological level, as the pair is showing hints that the bullish side is the preferred one nowadays.
H1 chart’s resistance levels: 1.2434 / 1.2516
H1 chart’s support levels: 1.2377 / 1.2254
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 1.2434, take profit is at 1.2516 and stop loss is at 1.2351.
The material has been provided by InstaForex Company – www.instaforex.com
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