The pair holds gains above the 200 SMA on H1 chart, but the upside is limited by the strong resistance at the 1.2343 level. If GBP/USD attempts a rally above that area, we can expect a re-test of January 18th highs around 1.2416. However, the Cable is still within a very complex structure for the short term, as it's trapped inside a wide sideways range.
H1 chart's resistance levels: 1.2343 / 1.2416
H1 chart's support levels: 1.2371 / 1.2291
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 1.2343, take profit is at 1.2416 and stop loss is at 1.2268.
The material has been provided by InstaForex Company - www.instaforex.com