The pair is still moving in a sideways structure established below the 1.3000 handle. Currently, GBP/USD is trying to recover from the pullback made last week at the 200 SMA price zone. The support level of 1.2948 is still a key area, but most importantly, the 1.2900 mark stands as the psychological level where a breakout on the lower side should open the doors to further declines.
H1 chart's resistance levels: 1.3037 / 1.3116
H1 chart's support levels: 1.2948 / 1.2901
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 1.2948, take profit is at 1.2901 and stop loss is at 1.2998.
