The pair increased its pressure to the downside and it's looking to test the next critical area around 1.2547, as it managed to break last Friday's lows. However, because of the sharp decline, GBP/USD can start to do some rebounds in order to reach the resistance level of 1.2753 in an attempt to erase some of the losses.
H1 chart's resistance levels: 1.2753 / 1.2826
H1 chart's support levels: 1.2660 / 1.2547
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 1.2660, take profit is at 1.2547 and stop loss is at 1.2773.
