The H1 chart is still reflecting a battle between buyers and sellers on the Cable, as the range established around the 1.3000 and 1.2858 levels is helping to develop that bearish sideways structure. With a breakout above the 1.3000 zone, GBP/USD can reach 1.3148, where it will be very close to the 200 SMA, while a consolidation below the 1.2858 level will open the doors for new multi-year lows.
H1 chart's resistance levels: 1.3000 / 1.3148
H1 chart's support levels: 1.2858 / 1.2750
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 1.3000, take profit is at 1.2858 and stop loss is at 1.3148.
The material has been provided by InstaForex Company - www.instaforex.com