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Daily analysis of GBP/USD for June 16, 2015

The GBP/USD pair is still trading higher and it's looking to do a mid-term consolidation above the 200 SMA on the daily chart. That's why short trades are not advised at this stage. Also, we should wait for a test at the resistance level of 1.5755, where the cable could turn into the bearish bias again in the medium and long term.

GBPUSDDaily.png

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If we do an extensive analysis at the H1 chart, we can notice a bullish trendline following, which is helping the GBP/USD pair stay alive in the upside above the 200 SMA. The short-term outlook is still bullish and a breakout at the resistance level of 1.5610 will help the pair test the next resistance around the level of 1.5671.

GBPUSDH1.png

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Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5346

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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