The GBP/USD pair experienced more bullish momentum during Monday's session, as it managed to consolidate once again above the 200 SMA on the H1 chart and it seems that the resistance level of 1.2516 can be reached soon. As long as the pair continues to trade above that moving average, we can expect further advance toward the 1.2579 level in coming days.
H1 chart's resistance levels: 1.2516 / 1.2579
H1 chart's support levels: 1.2437 / 1.2361
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 at 1.2516, take profit is at 1.2579 and stop loss is at 1.2454.
The material has been provided by InstaForex Company - www.instaforex.com