According to the H1 chart, the pair is looking to extend decline towards the 200 SMA zone where the bulls can gain momentum to retake the overall bullish structure. The resistance level of 1.3480 is still critical, and the price action isn't favourable for the bears at all. MACD indicator is supporting the bearish idea, but we should wait for a possible rebound around the 200 SMA. However, if GBP/USD manages to break it to the downside, then the next target would be the August 30th low.
H1 chart's resistance levels: 1.3480 / 1.3685
H1 chart's support levels: 1.3360 / 1.3258
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 1.3480, take profit is at 1.3685 and stop loss is at 1.3270.
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