GBP/USD tested a 31-year low and it's trying to extend the lower continuation below the 1.3000 psychological level. A rebound could drive it to test the resistance level of 1.3148, where the Cable has been trapped into a low range. The 200 SMA on H1 chart is still pointing to the downside and bears are still favored on a short-term basis.
H1 chart's resistance levels: 1.3148 / 1.3380
H1 chart's support levels: 1.3000 / 1.2858
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 at 1.3000, take profit is at 1.2858 and stop loss is at 1.3148.
The material has been provided by InstaForex Company - www.instaforex.com