GBP/USD did a pullback from the resistance level of 1.4369 and now. It is looking for an opportunity to do another decline towards the level of 1.4282. A breakout below that zone will open the doors to test the level of 1.4206. Another scenario is showing us a possible attempt to break out above the zone of 1.4369 in order to do a possible short-term bullish consolidation.
H1 chart's resistance levels: 1.4369 / 1.4436
H1 chart's support levels: 1.4282 / 1.4206
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 1.4282, take profit is at 1.4206, and stop loss is at 1.4470.
The material has been provided by InstaForex Company - www.instaforex.com