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Daily analysis of GBP/USD for June 15, 2015

GBP/USD remains bullish on the daily chart, because the pair is trying to do a consolidation above the 200 SMA again as it's facing the resistance level of 1.5543. If GBP/USD manages to break that zone, it would be expected to rise to the next resistance around the 1.5755 level in the medium term. MACD indicator is on the positive territory.

GBPUSDDaily.png

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On theH1 chart, the pair is trading higher above the 200 SMA and the support level of 1.5548, where a higher high pattern is currently being formed. If the pair makes a breakout in the resistance zone of 1.5610, it could do a rally towards the resistance level of 1.5671 during this week. Anyway, it could make some pullbacks before any rallies.

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: 1.5610 / 1.5671

H1 chart's support levels: 1.5548 / 1.5502

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 1.5610, take profit is at 1.5671, and stop loss is at 1.5548.



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