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.
