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Daily analysis of GBP/USD for May 07, 2015

There is bullish momentum again on the GBP/USD structure on the daily chart because the pair is trying to break the resistance level of 1.5238 and if it is successful, it would be expected to rally until the level of 1.5371. We could be in front of a bullish development for the medium term as GBP/USD will try to reach again the 200 SMA.

GBPUSDDaily.png

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A sideways consolidation still takes place on the H1 chart because GBP/USD is forming a lower low pattern below the 200 SMA, but it could fail. Remember the support zone of 1.5102 is very strong and the overall bias on this pair is still calling for upside moves. Furthermore, GBP/USD could break the resistance level of 1.5217.

GBPUSDH1.png

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Daily chart's resistance levels: 1.5238 / 1.5371Dailychart's support levels: 1.5007 / 1.4874H1 chart's resistance levels: 1.5266 / 1.5313H1 chart's support levels: 1.5217 / 1.5155

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 1.5266, take profit is at 1.5313, and stop loss is at 1.5222.

Felipe Erazo neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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