GBP/USD extended gains during Monday's session above the 200 SMA on H1 chart, following the fresh momentum that the sterling received. We should take this movement as a reaction to a dynamic support around the moving average mentioned above. If the pair manages to break the 1.3360 level, then it can rally to the 1.3480 level.
H1 chart's resistance levels: 1.3360 / 1.3480
H1 chart's support levels: 1.3258 / 1.3116
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 1.3360, take profit is at 1.3480 and stop loss is at 1.3240.
The material has been provided by InstaForex Company - www.instaforex.com