GBP/USD is facing a strong resistance around the psychological zone of 1.3000, where the bulls lost momentum after being favoured by the recent headlines about Theresa May as the new UK Prime Minister. Currently, a breakout above that level isn't discarded as the Cable remains strongly supported by the 1.2858 level. If that happens, then the next hurdle could be the 200 SMA.
H1 chart's resistance levels: 1.3000 / 1.3148
H1 chart's support levels: 1.2858 / 1.2750
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