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GBP/USD has been consolidating losses across the board, with a strong resistance being found around 1.3991. Corrective moves are getting capped by such area, but we cannot discard the idea of a breakout higher in order to test the 200 SMA at H1 chart. However, a breakout below 1.3908 should expose the 1.3860 zone. MACD indicator stays in favor of the bears.
H1 chart's resistance levels: 1.3991 / 1.4092
H1 chart's support levels: 1.3908 / 1.3860
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3908, take profit is at 1.3860 and stop loss is at 1.3951.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.