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Daily analysis of GBP/USD for June 09, 2015

A daily chart is still showing a lower low pattern formation, as the pair remains below the resistance level of 1.5346. Now, we are expecting a lower continuation, because that resistance is very strong and the bearish bias is likely to start dominating the trend in the GBP/USD pair again. The MACD indicator is entering oversold territory.

GBPUSDDaily.png

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At the H1 chart, the support zone of 1.5259 remains very solid, because the pair was rejected at that level. Now it's trying to break the resistance level of 1.5358. The next higher target is seen at 1.5428 level, which is above the 200 SMA. However, that moving average could act as dynamic resistance.

GBPUSDH1.png

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Daily chart's resistance levels: 1.5346 / 1.5543

Daily chart's support levels: 1.5199 / 1.5090

H1 chart's resistance levels: 1.5358 / 1.5428

H1 chart's support levels: 1.5259 / 1.5158

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 1.5259, take profit is at 1.5158, and stop loss is at 1.5358.



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