FX.co ★ Daily analysis of GBP/USD for October 19, 2016

The pair had a bullish momentum following the good data released from the UK during Tuesday's session and now, we can see that the resistance level of 1.2312 is being challenged across the board. The 200 SMA is also located at this levels as H1 chart shows. If GBP/USD manages to break it with a bullish candlestick, then it can rally towards the 1.2427 level, while a pullback should deliver bearish force to test the 1.2229 level.

H1 chart's resistance levels: 1.2312 / 1.2427

H1 chart's support levels: 1.2229 / 1.2155

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2229, take profit is at 1.2155 and stop loss is at 1.2301.