The pair is pointing to the upside and looks forward to break above the resistance level of 1.3455. We are expecting a bullish continuation to test the 1.3592 level once the Cable does a breakout of the recently formed fractals. To the downside, the nearest support lies at the 200 SMA on the H1 chart. The MACD indicator remains in favor of the bulls, staying in the positive territory.
H1 chart's resistance levels: 1.3455 / 1.3592
H1 chart's support levels: 1.3378 / 1.3264
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 1.3378, take profit is at 1.3264 and stop loss is at 1.3491.
