The pair plummeted to 1.2885 as the BoE kept rates and asset purchase facility unchanged at their May's meeting. Overall, GBP/USD still steadies around the 1.2900 psychological level after the rebound from Thursday's low. If that level gives up, then we can expect another decline to test the 1.2772, strengthening the bearish bias.
H1 chart's resistance levels: 1.2910 / 1.2957
H1 chart's support levels: 1.2855 / 1.2652
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is found at 1.2910, take profit lies at 1.2957 and stop loss is at 1.2887.
The material has been provided by InstaForex Company - www.instaforex.com