GBP/USD managed to do another strong decline during Thursday's session and it tested the support zone of 1.2387. Currently, the pair is recovering from that huge downward move. However, the bearish bias can be resumed soon, as the price action is well consolidated below the 200 SMA on H1 chart. The next downside target lies around 1.2310.
H1 chart's resistance levels: 1.2450 / 1.2527
H1 chart's support levels: 1.2387 / 1.2310
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 1.2387, take profit is at 1.2310 and stop loss is at 1.2467.
