The cable gained bullish momentum above the 200 SMA and now we can see a higher high pattern formation above the support level of 1.4267. The current structure is calling for further upside above the resistance zone of 1.4333, with targets around the level of 1.4396. The 200 SMA in this time frame is slightly bullish.
H1 chart's resistance levels: 1.4333 / 1.4396
H1 chart's support levels: 1.4267 / 1.4183
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 seen at 1.4333, take profit is at 1.4396, and stop loss is at 1.4271.
The material has been provided by InstaForex Company - www.instaforex.com