The pair is trying to correct the strong rally performed during Tuesday's session, following UK snap elections' announcement and it's poised to test the next support located around 1.2278. Around that area, a rebound might happen to resume the overall bullish bias, as GBP/USD is targeting the 1.3000 handle. However, if that bottom gives up, then we can expect a decline towards 1.2651.
H1 chart's resistance levels: 1.2875 / 1.3029
H1 chart's support levels: 1.2728 / 1.2652
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 1.2875, take profit is at 1.3029 and stop loss is at 1.2723.
The material has been provided by InstaForex Company - www.instaforex.com