InstaForex - Analytics

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Daily analysis of GBP/USD for June 11, 2015

On the daily chart, GBP/USD had a strong bullish momentum during Wednesday's session as the pair is close to the resistance level of 1.5543. We could expect some kind of bullish pattern formation, because GBP/USD is facing the 200 SMA in this time frame, which is also acting as dynamic resistance in the near term.

GBPUSDDaily.png

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We can see a strong bullish structure already consolidated in the H1 chart, because the pair has been doing higher swings and it's currently looking for more bullish continuation. At this stage, GBP/USD could retrace until the support level of 1.5428, only if it achieves to break the support zone of 1.5502. The MACD indicator is entering at negative territory.

GBPUSDH1.png

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Daily chart's resistance levels: 1.5543 / 1.5755

Daily chart's support levels: 1.5346 / 1.5199

H1 chart's resistance levels: 1.5550 / 1.5610

H1 chart's support levels: 1.5502 / 1.5428

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 1.5550, take profit is at 1.5610, and stop loss is at 1.5491.



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