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    Daily analysis of GBP/USD for July 21, 2015

    GBP/USD has been trading above the 200 SMA, looking for an opportunity to reach the resistance level of 1.5640, a zone which was tested during the last week. However, we should be aware of a breakout at the support level of 1.5543 that could change the focus to the downside (more specific at the level of 1.5450). The MACD indicator is at neutral territory.

    GBPUSDDaily.png

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    On the H1 chart, the pair continues performing lower swings and now it is trading below the 200 SMA with a possible bearish pattern. If GBP/USD successfully achieves that pattern, it would be expected to test the support level of 1.5524. In the bullish side, a breakout above the level of 1.5596 will open doors to visit the price zone around 1.5639.

    GBPUSDH1.png

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    Daily chart's resistance levels: 1.5640 / 1.5755

    Daily chart's support levels: 1.5543 / 1.5450

    H1 chart's resistance levels: 1.5596 / 1.5639

    H1 chart's support levels: 1.5524 / 1.5485

    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 1.5596, take profit is at 1.5639, and stop loss is at 1.5554.


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