GBP/USD is looking to develop a higher high pattern above the 1.3300 psychological level, which should help to boost buyers in the short-term. To the upside, the next target is located at the 1.3360 level, while a pullback should take the pair to test the 200 SMA, at which could make a rebound. However, if it gives up, then it might plummet to test the 1.3143 level.
H1 chart's resistance levels: 1.3309 / 1.3360
H1 chart's support levels: 1.3143 / 1.3037
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 1.3309, take profit is at 1.3360 and stop loss is at 1.3256.
The material has been provided by InstaForex Company - www.instaforex.com