GBP/USD remains alive in a bullish tone held since November 13th session and the 200 SMA at H1 is still guiding the path in the short-term. When the pair makes a breakout above the resistance level of 1.3360, we can expect a rally to test the 1.3440 level, while a pullback should make a re-test of the moving average. MACD indicator is supporting the bullish scenario.
H1 chart’s resistance levels: 1.3360 / 1.3440
H1 chart’s support levels: 1.3244 / 1.3143
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 1.3360, take profit is at 1.3440 and stop loss is at 1.3280.
The material has been provided by InstaForex Company – www.instaforex.com