GBP/USD erased its early gains on Monday and now we can see a strong support placed around 1.2412. Currently, price action hasn't changed in a short-term outlook, as the sideways range remains untouched and it seems that a rebound is highly likely to happen in coming hours. If that scenario occurs, then the pair could re-test the 1.2481 level, while to the downside, we note the 1.2361 level as the next key demand area.
H1 chart's resistance levels: 1.2481 / 1.2516
H1 chart's support levels: 1.2412 / 1.2361
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 1.2481, take profit is at 1.2516 and stop loss is at 1.2445.
The material has been provided by InstaForex Company - www.instaforex.com