On the H1 chart, GBP/USD has been finding strong support at the level of 1.4802 and yesterday's decline failed to succeed in breaking that zone to the downside. However, an overall bias remains bearish, as the cable is performing a good consolidation below the 200 SMA in this time frame, but be aware of a possible double bottom pattern formation ongoing.
H1 chart's resistance levels: 1.4918 / 1.4999
H1 chart's support levels: 1.4802 / 1.4702
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is found at 1.4802, take profit is at 1.4702, and stop loss is at 1.4908.
The material has been provided by InstaForex Company - www.instaforex.com