The pair found resistance at the 1.3360 level and now will look to break higher in order to rally towards the 1.3480 price zone. Currently, bulls are struggling to make new highs, but the corrective phase could extend to the support level of 1.3258, where a breakout should open the doors to test the 1.3170 level, which is slightly below the 200 SMA on H1 chart.
H1 chart's resistance levels: 1.3360 / 1.3458
H1 chart's support levels: 1.3358 / 1.3270
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3360, take profit is at 1.3458 and stop loss is at 1.3241.
The material has been provided by InstaForex Company - www.instaforex.com