The pair recovered from losses above the 200 SMA and it seems we could expect further gains toward the resistance zone of 1.4280. Such area could help to strengthen the bearish bias, as it can produce some pullbacks ahead of the 1.4393 level. To the downside, the 200 SMA remains as a critical support across the board.
H1 chart’s resistance levels: 1.4280 / 1.4393
H1 chart’s support levels: 1.4060 / 1.3937
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 1.4280, take profit is at 1.4393 and stop loss is at 1.4168.
The material has been provided by InstaForex Company – www.instaforex.com