GBP/USD is still holding its price action above the 1.2800 handle, despite a consolidation that is taking place below the resistance zone of 1.2875. Eventually, the pair might plummet toward 1.2728, where a support area is placed and if such level gives up, then we can expect more weakness to reach the 1.2651 level, which is very close to the 200 SMA at H1 chart.
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