GBP/USD had a very volatile end of the year, keeping above the 200 SMA. The pair managed to consolidate gains inside a bulls' territory. In the short term, we can expect an attempt to break the resistance zone of 1.2384, which should open the doors to a rally towards the 1.2474 level, while a bearish scenario should be limited by the 1.2238 level. Bollinger band is also supporting the idea of further corrections, as the pair is hovering around the middle band.
H1 chart's resistance levels: 1.2384 / 1.2474
H1 chart's support levels: 1.2325 / 1.2238
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 1.2325, take profit is at 1.2238 and stop loss is at 1.2408.
