The pair managed to pull back strongly during Tuesday's session and now it's finding dynamic support at the 200 SMA (H1 chart). Further rebounds are expected and it should help to put the Cable on the bullish path towards 1.2600. However, today the UK PM Theresa May is expected to trigger Article 50 of Brexit and it can favor more weakness. MACD indicator is in the negative territory, supporting that scenario.
H1 chart's resistance levels: 1.2522 / 1.2598
H1 chart's support levels: 1.2420 / 1.2333
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 1.2522, take profit is at 1.2598 and stop loss is at 1.2447.
The material has been provided by InstaForex Company - www.instaforex.comfrom www.instaforex.com https://www.instaforex.com/forex_analysis/89835/?x=BPDZ
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