Volatility is on the air, at least in the GBP pairs, as we saw a huge rebound towards the resistance level of 1.4659 during Tuesday's session. Currently, Cable could be looking to restart the bearish bias to attempt a break below the 200 SMA, but the sideways structure remains solid and eventually we should see some irregular moves before Brexit referendum
H1 chart's resistance levels: 1.4649 / 1.4730
H1 chart's support levels: 1.4530 / 1.4464
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 1.4530, take profit is at 1.4464 and stop loss is at 1.4598.
The material has been provided by InstaForex Company - www.instaforex.com