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    Daily analysis of GBP/USD for May 28, 2015

    At the daily chart, GBP/USD is still trading in favor of the bearish bias, testing the support zone of 1.5346. We're still expecting more lower continuation because the pair is about to consolidate in the downwards view, at least in the medium term. For now, there is still a high risk of a possible rebound at the current levels.

     

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    GBP/USD is trying to consolidate below the level of 1.5358 because it could fall until the support level of 1.5259. Also, the pair is about to form another lower low pattern again, because the bearish bias in an intraday outlook remains very strong. The 200 SMA at the H1 chart is pointing to the downwards and the MACD indicator is still in positive territory, but showing signs of weakness.

     

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    Daily chart's resistance levels: 1.5543 / 1.5745

    Daily chart's support levels: 1.5346 / 1.5199

    H1 chart's resistance levels: 1.5443 / 1.5513

    H1 chart's support levels: 1.5358 / 1.5259

    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 1.5358, take profit is at 1.5259, and stop loss is at 1.5459.


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