Daily analysis of GBP/USD for September 05, 2017

The pair didn't have major actions during Monday's session and the price action was mostly on the side of the bears across the board. Still, the pair looks to consolidate above the 200 SMA at H1 chart. To the upside, the critical levels are placed around 1.2958 and 1.3013, and while the pair remains above that moving average, such levels could be reached in the short-term.

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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, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2958, take profit is at 1.3013 and stop loss is at 1.2903.

The material has been provided by InstaForex Company - www.instaforex.com