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The pair is following a bullish structure above the 200 SMA at H1 chart and it managed to break the resistance level of 1.4283, now turned as a support. Eventually, we can expect a continuation of the rally towards 1.4386, where take profit orders could activate in order to produce pullbacks. If that happens, then a leg lower to test the 200 SMA is likely to happen.
H1 chart's resistance levels: 1.4283 / 1.4386
H1 chart's support levels: 1.4205 / 1.4061
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 1.4283, take profit is at 1.4386 and stop loss is at 1.4183.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.