On the H1 chart, GBP/USD is trying to recover from the losses held during the Christmas week and the 200 SMA is offering buyers dynamic resistance. However, a rally towards the resistance level of 1.4999 can be expected. A breakout should happen in this area to test another high of 1.5064. The MACD indicator is entering the neutral territory.
H1 chart's resistance levels: 1.4999 / 1.5064
H1 chart's support levels: 1.4918 / 1.4802
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is seen at 1.4918, take profit is at 1.4802, and stop loss is at 1.5035.
The material has been provided by InstaForex Company - www.instaforex.com