On the H1 chart, GBP/USD is currently expected to find support again around the 1.4157 level, where a breakout should happen to open the doors for another decline toward the 1.4100 psychological zone on a short-term basis. The overall structure is still bearish, as the Cable continues to trade below the 200 SMA on the H1 chart. The MACD indicator is reaching overbought conditions.
H1 chart's resistance levels: 1.4336 / 1.4402
H1 chart's support levels: 1.4247 / 1.4157
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 1.4247, take profit is at 1.4157 and stop loss is at 1.4337.
The material has been provided by InstaForex Company - www.instaforex.com