GBP/USD had a strong rally on Wednesday as the UK data continues to favor the bulls in the pound sterling across the board. Currently, the pair is finding a resistance around 1.2327, where it should resume the overall bearish bias to test once again the support level of 1.2268. If the Cable manages to break it, then a bearish continuation towards 1.2205 is likely to happen.
H1 chart's resistance levels: 1.2327 / 1.2386
H1 chart's support levels: 1.2268 / 1.2208
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 1.2268, take profit is at 1.2208 and stop loss is at 1.2231.
The material has been provided by InstaForex Company - www.instaforex.com