The pair received a boost during Friday's session, as the US Dollar weakened against its major competitors. GBP/USD is now looking for a consolidation above the 200 SMA at H1 chart and looks forward to reaching the resistance level of 1.2958, once it manages to break August 21st highs. MACD indicator remains in the positive territory, favoring to the bulls.
H1 chart's resistance levels: 1.2958 / 1.3013
H1 chart's support levels: 1.2842 / 1.2761
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 1.2842, take profit is at 1.2761 and stop loss is at 1.2921.
The material has been provided by InstaForex Company - www.instaforex.com