The pair received a bearish's wave after the Fed decided to keep rates unchanged during their May's meeting. However, GBP/USD hasn't performed a breakout of the range yet, as the support zone of 1.2855 remains intact across the board, at which lies the 200 SMA at H1 chart. Eventually, the pair might find demand over there to resume the bullish bias toward the 1.2957 level.
H1 chart's resistance levels: 1.2957 / 1.3029
H1 chart's support levels: 1.2855 / 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 1.2957, take profit is at 1.3029 and stop loss is at 1.2887.
The material has been provided by InstaForex Company - www.instaforex.com