The pair still hovers below the 200 SMA on the H1 chart, and it looks like a decline is ongoing to visit the support level of 1.3037 in coming hours. Ahead of the BoE meeting, GBP/USD can perform volatile moves across the board, but if we see a breakout above the resistance zone of 1.3258, then it can rally towards the 1.3360 level.
H1 chart’s resistance levels: 1.3258 / 1.3360
H1 chart’s support levels: 1.3116 / 1.3037
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3258, take profit is at 1.3360 and stop loss is at 1.3155.
The material has been provided by InstaForex Company – www.instaforex.com
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