The pair is consolidating in a thin range across the board, as the markets are in holiday mood. The 200 SMA remains to cap the bulls and it's the latest hurdle before to reach the next resistance zone at 1.3444. The next critical support lies at 1.3303, at which a breakout could deliver more losses towards the 1.3234 level. MACD indicator stays in the negative territory.
H1 chart's resistance levels: 1.3444 / 1.3516
H1 chart's support levels: 1.3303 / 1.3234
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 1.3444, take profit is at 1.3516 and stop loss is at 1.3372.
The material has been provided by InstaForex Company - www.instaforex.com