GBP/USD performed a rebound around 1.2272 ahead of Trump's inauguration speech and after that, we witnessed a USD sell-off which helped the pair to recover above the 1.2350 level. Next resistance lies around 1.2416 and if GBP/USD manages to break above that zone, another rally to test the 1.2472 is likely possible. MACD indicator's position is supporting that scenario.
H1 chart's resistance levels: 1.2416 / 1.2472
H1 chart's support levels: 1.2328 / 1.2272
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 1.2416, take profit is at 1.2472 and stop loss is at 1.2359.
The material has been provided by InstaForex Company - www.instaforex.com