FX.co ★ Daily analysis of GBP/USD for October 27, 2016

The pair managed to recover some of the lost ground during Tuesday and we're seeing that the 200 SMA could act as dynamic resistance across the board. However, if the bullish momentum remains alive, we can expect a rally towards the 1.2310 level, but that scenario is unlikely, as today crucial data from the UK will be released after the Brexit referendum. They aren't expected to be so positive at all. If GBP/USD consolidates below the 1.2230 level, then it will be to test the 1.2155 level.

H1 chart's resistance levels: 1.2229 / 1.2310

H1 chart's support levels: 1.2155 / 1.2105

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 1.2155, take profit is at 1.2105 and stop loss is at 1.2208.