The pair remains in a very slow bearish consolidation above the support level of 1.2250, as the low volumes of trading will stay in the markets during this week, ahead of New Year's eve. There are no major catalysts around the corner and it's likely to do some bullish corrective moves, but the 200 SMA at H1 chart around 1.2390 will limit further gains in GBP/USD.
H1 chart's resistance levels: 1.2318 / 1.2390
H1 chart's support levels: 1.2249 / 1.2185
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 1.2249, take profit is at 1.2185 and stop loss is at 1.2312.
The material has been provided by InstaForex Company - www.instaforex.com