The pair gained traction on Thursday's session with a consolidation above the support zone of 1.2923. Now the focus is in the resistance area of 1.3011, where a breakout should expose the next key target to the upside around 1.3105. To the downside, a break below 1.2923 will open the doors to test the 200 SMA at H1 chart.
H1 chart's resistance levels: 1.3011 / 1.3105
H1 chart's support levels: 1.2923 / 1.2756
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 1.3011, take profit is at 1.3105 and stop loss is at 1.2918.
The material has been provided by InstaForex Company - www.instaforex.com