The pair suffered some losses during Thursday's session post-Fed and it seems that the 200 SMA in the H1 chart could act as a dynamic support. The overall bullish bias remains intact as long as the GBP/USD pair holds Wednesday's lows. However, if the support level of 1.3034 gives up, then we might expect a decline towards 1.2968.
H1 chart's resistance levels: 1.3106 / 1.3148
H1 chart's support levels: 1.3034 / 1.2968
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 1.3106, take profit is at 1.3148 and stop loss is at 1.3062.
The material has been provided by InstaForex Company - www.instaforex.com