GBP/USD is finding support at the 1.2948 level as bears took again the scenario during Friday's session. Following a pullback made at the 200 SMA price zone, the pair is looking to re-test the post-Brexit lows made during July and eventually it can break the 1.2948 level in order to reach the 1.2901 level. However, the MACD indicator is entering neutral territory, supporting further sideways moves in the GBP/USD pair.
H1 chart's resistance levels: 1.3037 / 1.3116
H1 chart's support levels: 1.2948 / 1.2901
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2948, take profit is at 1.2901 and stop loss is at 1.2998.
The material has been provided by InstaForex Company - www.instaforex.com