The pair posted a new multi-year low during Thursday's session and now we can expect a breakout below the 1.2603 level, as GBP continues to show weakness. If we see a breakout lower below the 1.2603 level, then the pair may decline towards the 1.2552 price zone. MACD indicator still supports the bearish scenario.
H1 chart's resistance levels: 1.2650 / 1.2717
H1 chart's support levels: 1.2603 / 1.2552
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 1.2603, take profit lies at 1.2552 and stop loss is at 1.2656.
