GBP/USD is finding support around 1.2928 following the FOMC minutes' release, as the US dollar went under selling pressure across the board. A consolidation below the 200 SMA on the H1 chart is happening and we can expect a testing of the resistance level of 1.2992, as the bears are losing steam. MACD indicator remains to favor the downside scenario.
H1 chart's resistance levels: 1.2992 / 1.3038
H1 chart's support levels: 1.2928 / 1.2872
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 1.2992, take profit is at 1.3038 and stop loss is at 1.2945.
The material has been provided by InstaForex Company - www.instaforex.com