The pair plunged once again during Wednesday's session, but the dynamic support offered by the 200 SMA on H1 chart remains intact across the board. If GBP/USD manages to rebound and test the next resistance around 1.2732, it would be expected to attempt a rally towards the 1.2840 level. MACD indicator is favoring the bullish scenario.
H1 chart's resistance levels: 1.2732 / 1.2840
H1 chart's support levels: 1.2625 / 1.2568
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 1.2732, take profit is at 1.2840 and stop loss is at 1.2625.
The material has been provided by InstaForex Company - www.instaforex.com