The pair is looking to break higher above 1.2875, as the bulls are
trying to gather enough bullish momentum in order to invalidate that
supply zone. However, GBP/USD has been in consolidation mode since
April 18th and eventually, we could witness some corrective moves
toward the 1.2728 level in a first degree. MACD indicator is turning
positive.

GBPUSDH1.png

H1 chart’s resistance
levels: 1.2875 / 1.3029

H1 chart’s support levels:
1.2728 / 1.2652

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 1.2875, take profit is at
1.3029 and stop loss is at 1.2723.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com

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