FX.co ★ Daily analysis of GBP/USD for October 04, 2016

GBP/USD is finding support at the 1.2849 level, following UK Prime Minister Theresa May's remarks on the timing for "Brexit" next year. The pound sterling weakened across the board and refreshed its post-Brexit range's low. Now it is poised to test the psychological level of 1.2800. If the pair manages to do a rebound at the current levels, then it can reach the 1.2901 level.

H1 chart's resistance levels: 1.2901 / 1.2948

H1 chart's support levels: 1.2849 / 1.2800

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 1.2849, take profit is at 1.2800 and stop loss is at 1.2897.