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Daily analysis of GBP/USD for June 30, 2015

GBP/USD closed the bearish gap. On the daily chart, we still can observe a test at the resistance level of 1.5755 and if the pair does a breakout over there, it would be expected to test the next key high around the level of 1.5898. Also, bulls are getting stronger, but bear in mind the current situation in Greece.


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At the H1 chart, GBP/USD has been trading sideways, but remains above the 200 SMA. The current situation in Greece makes us think about the possibility to take long positions at this stage. GBP/USD is expected to rally towards new highs, as 200 SMA provides dynamic support, but be cautious anyway.


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Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5740 / 1.5789

H1 chart's support levels: 1.5687 / 1.5650

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 1.5740, take profit is at 1.5789, and stop loss is at 1.5693.

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