GBP/USD managed to recover above the support level of 1.2948, as the sterling strengthened during Tuesday's session. Currently, it's aiming to test the 200 SMA on the H1 chart, where a dynamic resistance can be found. If the pair does a pullback there, it will resume the bearish trend to reach the 1.2900 psychological level in coming days.
H1 chart's resistance levels: 1.3037 / 1.3116
H1 chart's support levels: 1.2948 / 1.2901
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 1.2948, take profit is at 1.2901 and stop loss is at 1.2998.
The material has been provided by InstaForex Company - www.instaforex.com