The pair had a strong rebound during yesterday's session, as it has been trading above the support level of 1.4118, which could be a preparation for a possible bullish development. If the Cable succeeds in breaking the 1.4176 level, it could reach the nearest target around the 1.4229 level, where the 200 SMA is located on the H1 chart.
H1 chart's resistance levels: 1.4176 / 1.4229
H1 chart's support levels: 1.4118 / 1.4062
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4118, take profit is at 1.4062 and stop loss is at 1.4173.
