The pair had a very bullish day during Wednesday, as the Pound is waiting for the BoE meeting on Thursday. At a technical view, GBP/USD is trying to break higher the resistance level of 1.2310, where the bulls may get some momentum to rally towards the 1.2427 level. The 200 SMA at H1 chart could provide a dynamic support, but if BoE has dovish words in the meeting, then we can expect a decline to test the 1.2155 level.
H1 chart's resistance levels: 1.2310 / 1.2427
H1 chart's support levels: 1.2229 / 1.2155
Trading recommendations for today: Based on the H1 chart, 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 1.2299.
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