On the H1 chart, GBP/USD has been trading quite slowly in terms of a range, as it remains trapped between the 1.3380 and 1.3148 levels, but the big swings are still ongoing. The overall structure is still bearish, as the 200 SMA is pointing to the downside, and a breakout above the 1.3380 level will open the doors to test the 1.3653 in coming days. The MACD indicator is overbought.
H1 chart's resistance levels: 1.3380 / 1.3653
H1 chart's support levels: 1.3148 / 1.2874
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 1.3148, take profit is at 1.2874 and stop loss is at 1.3418.
