The pair had a corrective session during Monday and it managed to consolidate once again below the 1.2500 handle. Currently, GBP/USD is trying to keep its structure above the 200 SMA, as that moving average still provides dynamic support across the board. However, if that area gives up, it can extend the decline towards the 1.2385 level, where is a key demand area.
H1 chart's resistance levels: 1.2578 / 1.2637
H1 chart's support levels: 1.2482 / 1.2385
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2578, take profit is at 1.2637 and stop loss is at 1.2520.
