Despite low trading volume in the financial markets, GBP/USD managed to break the sideways range below the 1.2249 level and it's pointing to test the demand zone of 1.2185. It's highly likely that the pair will continue to trade around that area because the overall picture is still bearish across the board. However, MACD indicator is turning positive, favoring for more upsides.
H1 chart's resistance levels: 1.2250 / 1.2317
H1 chart's support levels: 1.2185 / 1.2121
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 1.2185, take profit is at 1.2121 and stop loss is at 1.2250.
The material has been provided by InstaForex Company - www.instaforex.com