GBP/USD is currently doing some corrective moves above the support zone of 1.4118, after a rebound that was made around the 1.4062 price level. The bullish move can be extended and the price could go towards the 200 SMA on the H1 chart, where a pullback can happen to resume the bearish bias. The MACD indicator is favoring the corrective scenario as it stays above the positive territory.
H1 chart's resistance levels: 1.4163 / 1.4225
H1 chart's support levels: 1.4118 / 1.4062
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4118, take profit is at 1.4062 and stop loss is at 1.4172.
The material has been provided by InstaForex Company - www.instaforex.com