The pair continues to find support above the 1.2420 after FOMC minutes were released during Wednesday's session. As for now, GBP/USD is heading toward the next resistance around 1.2522, where a breakout should deliver more bullish bias toward 1.2600 in the short-term. The risk remains to the upside, as long as the Cable manages to stay above March 24th lows.
H1 chart's resistance levels: 1.2522 / 1.2598
H1 chart's support levels: 1.2420 / 1.2333
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2522, take profit is at 1.2598 and stop loss is at 1.2447.
The material has been provided by InstaForex Company - www.instaforex.comfrom www.instaforex.com
