GBP/USD closed yesterday's session with a bearish bias after Theresa May took her new duties formally as the UK's Prime Minister. Currently, the Cable is looking to break below the support level of 1.3148, which also opens the doors to reach the next zone around the 1.3036 level, as the price remains below the 200 SMA on the H1 chart. A rebound at the current stage could drive it to re-test the 1.3300 psychological level.
H1 chart's resistance levels: 1.3300 / 1.3406
H1 chart's support levels: 1.3148 / 1.3036
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 1.3148, take profit is at 1.3036 and stop loss is at 1.3263.
The material has been provided by InstaForex Company - www.instaforex.com