GBP/USD is trading inside a consolidation which is favoring to the downside bias, as the 200 SMA at the H1 chart is still pointing to the downside. However, it's still expected to see a rebound at the current stage, towards the resistance level of 1.4309. The other scenario is calling for an upside breakout above the 1.4373 level. The MACD indicator is in positive territory.
H1 chart's resistance levels: 1.4309 / 1.4373
H1 chart's support levels: 1.4198 / 1.4080
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 at 1.4198, take profit is at 1.4080, and stop loss is at 1.4309.
The material has been provided by InstaForex Company - www.instaforex.com