GBP/USD faces support at the 1.2948 level ahead of the Federal Reserve's meeting due today in the American session's afternoon. Currently, the pair is showing weakness across the board, trading inside a negative territory established below the 200 SMA. If the pair manages to break the 1.2948 level, then it can test the 1.2868 level.
H1 chart's resistance levels: 1.3037 / 1.3116
H1 chart's support levels: 1.2948 / 1.2868
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 1.2948, take profit is at 1.2868 and stop loss is at 1.3029.
The material has been provided by InstaForex Company - www.instaforex.com