The pair plummeted from weekly highs after the BoE interest rate decision as the central bank finally decided to cut rates by 25 bps. Now, GBP/USD is trading below the 200 SMA and is very close to the key support zone of 1.3085, where there is an active demand zone. A lower breakout could deliver more bearish bias toward the 1.3000 psychological level.
H1 chart's resistance levels: 1.3148 / 1.3266
H1 chart's support levels: 1.3085 / 1.3000
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 1.3148, take profit is at 1.3266 and stop loss is at 1.3028.
The material has been provided by InstaForex Company - www.instaforex.com