GBP/USD remained in sideways despite volatility lived during Wednesday's session. A dynamic resistance was found at the 200 SMA (H1 chart) and that should bring a bearish momentum in order to attempt a breakout below the 1.2229 level. If that happens, then we can expect a decline to the 1.2155 level. MACD indicator is entering a neutral territory.
H1 chart's resistance levels: 1.2312 / 1.2427
H1 chart's support levels: 1.2229 / 1.2155
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 1.2229, take profit is at 1.2155 and stop loss is at 1.2301.
The material has been provided by InstaForex Company - www.instaforex.com