GBP/USD remained in sideways during Tuesday's session, as the pair is waiting to get momentum from the FOMC and BoE meeting due this week. At a technical perspective, Cable is still supported by the 1.2229 level, where it converges with the 200 SMA at H1 chart. If the pair manages to break the resistance level of 1.2310, that could unleash more bullish force across the board.
H1 chart's resistance levels: 1.2310 / 1.2427
H1 chart's support levels: 1.2229 / 1.2155
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2229, take profit is at 1.2155 and stop loss is at 1.2299.
