Despite the BoE's meeting held during Thursday's session, the Cable remains capped by the resistance level of 1.3258, where is also the 200 SMA located on H1 chart. We're expecting that a breakout can push the pair higher towards the 1.3360 level, while a pullback can drive the pair to test the support zone of 1.3116. MACD indicator is entering positive territory, supporting a bullish run on a short-term basis.
H1 chart's resistance levels: 1.3258 / 1.3360
H1 chart's support levels: 1.3116 / 1.3037
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3258, take profit is at 1.3360 and stop loss is at 1.3155.
The material has been provided by InstaForex Company - www.instaforex.com