InstaForex - Analytics

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    Daily analysis of GBP/USD for July 10, 2015

    GBP/USD remains trading below the 200 SMA in the daily chart and it is currently testing the support zone around 1.5327. We expect a breakout below the level of 1.5243 in order to change our mid-term outlook to bearish because the current structure is still calling for more upside. the MACD indicator is at negative territory.

    GBPUSDDaily.png

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    In the H1 chart, the current intraday structure is still bearish, but the pair was rejected by the support level of 1.5329. At the moment, we can expect a rise until the resistance level of 1.5412. However, GBP/USD is still alive inside a lower low pattern formation, which could be extended below the low mentioned above. The MACD indicator is entering at positive territory.

    GBPUSDH1.png

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    Daily chart's resistance levels: 1.5450 / 1.5543

    Daily chart's support levels: 1.5327 / 1.5243

    H1 chart's resistance levels: 1.5412 / 1.5458

    H1 chart's support levels: 1.5363 / 1.5329

    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 1.5329, take profit is at 1.5269, and stop loss is at 1.5397.


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