InstaForex - Analytics

    InstaForex

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    Daily analysis of GBP/USD for July 03, 2015

    On the daily chart, GBP/USD is still trying to stay above the 200 SMA looking for an opportunity to rebound above that zone and to perform a rally towards the resistance level of 1.5755. However, a breakout at the support level of 1.5543 will open the doors for a testing around the level of 1.5450 in the short term. The MACD indicator is still at negative territory.

    GBPUSDDaily.png

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    The current structure remains neutral in an intraday basis, because the pair has been trading above the support level of 1.5589, a very strong zone which is rejecting bearish action. That's why we would like to see a rally until the resistance zone of 1.5650, where a breakout could happen. The MACD indicator is at positive territory.

    GBPUSDH1.png

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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: 1.5650 / 1.5687

    H1 chart's support levels: 1.5589 / 1.5537

    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 1.5650, take profit is at 1.5687, and stop loss is at 1.5614.


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