The pair was weak during a very quiet Monday's session in terms of macro data, as we had holidays in North America. Currently, GBP/USD is approaching the support level of 1.2312, where a breakout lower should expose the pair to the next interest area of 1.2229. Bears are still strong and one could expect further decline during the week, but a rebound should be taken as a corrective and it could go towards the 1.2468 in a first degree.
H1 chart's resistance levels: 1.2388 / 1.2468
H1 chart's support levels: 1.2312 / 1.2229
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 1.2312, take profit is at 1.2229 and stop loss is at 1.2394.
