GBP/USD extended gains during Monday’s session above the 200 SMA on H1 chart, following the fresh momentum that the sterling received. We should take this movement as a reaction to a dynamic support around the moving average mentioned above. If the pair manages to break the 1.3360 level, then it can rally to the 1.3480 level.

GBPUSDH1.png

H1 chart’s resistance levels: 1.3360 / 1.3480

H1 chart’s support levels: 1.3258 / 1.3116

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 1.3360, take profit is at 1.3480 and stop loss is at 1.3240.

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

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