GBP/USD had a very volatile session but overall range remained untouched after the strong decline suffered during Tuesday's session. Currently, the pair is doing a consolidation above the 1.2400 handle across the markets and it looks like we could start to see further rebounds above the 200 SMA at H1 chart, in order to re-test the 1.2522 area.
H1 chart's resistance levels: 1.2522 / 1.2598
H1 chart's support levels: 1.2420 / 1.2333
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 1.2522, take profit is at 1.2598 and stop loss is at 1.2447.
