GBP/USD had a very strong bullish momentum during Tuesday's session after the Fed meeting, which added some weakness to the US Dollar and helped the other currencies to gain some positions in the market. In a technical view, the Cable is doing a strong consolidation above the 200 SMA on a short-term basis, so the pair may continue to do more rallies.
H1 chart's resistance levels: 1.4397 / 1.4423
H1 chart's support levels: 1.4317 / 1.4267
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4397, take profit is at 1.4423 and stop loss is at 1.4372.
The material has been provided by InstaForex Company - www.instaforex.com