GBP/USD had a bearish session on Tuesday ahead of the BoE interest rate decision due this Thursday. Currently, the pair is consolidating below the 200 SMA on the H1 chart, and the nearest support can be seen at 1.3116. However, if GBP/USD manages to rebound at the current stage, then it can cling towards the 1.3360 level, where a key resistance lies.
H1 chart's resistance levels: 1.3258 / 1.3360
H1 chart's support levels: 1.3116 / 1.3037
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3258, take profit is at 1.3360 and stop loss is at 1.3155.
The material has been provided by InstaForex Company - www.instaforex.com