FX.co ★ Daily analysis of GBP/USD for July 25, 2016

GBP/USD continues to struggle with the support zone of 1.3076, after a huge decline it had during Friday's session. Currently, the pair is doing a consolidation below the 200 SMA on the H1 chart, and an eventual breakout below the 1.3076 level will open the doors to test the 1.2976 price zone. The MACD indicator is entering positive territory and supporting a possible bullish idea for the Cable.

H1 chart's resistance levels: 1.3148 / 1.3266

H1 chart's support levels: 1.3076 / 1.2976

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3148, take profit is at 1.3266 and stop loss is at 1.3026.