Friday was a very volatile session for US Dollar pairs, but GBP/USD later retraced from gains and, it's now trying to consolidate again below the 200 SMA on the H1 chart. A bearish trend line from May 31th highs has been formed, and the Cable is doing a breakout of last week's lows after the recent polls released in early Monday's Asian session, which showed that the odds are favoring a possible exit of the United Kingdom from the European Union. If the pair extends the decline below the 1.4338 level, then it could test the 1.4278 level. Also, be cautious with a bearish gap left at the weekly opening.
It should be noted that before the Brexit referendum, uncertainty produced by the polls will drive mainly the GBP/USD moves, so it's recommended to follow the latest news about Brexit and to include them into the technical analysis for GBP/USD, in our case.
H1 chart's resistance levels: 1.4408 / 1.4464
H1 chart's support levels: 1.4338 / 1.4278
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 1.4338, take profit is at 1.4278 and stop loss is at 1.4398.
