InstaForex - Analytics

    InstaForex

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    Daily analysis of GBP/USD for June 14, 2016

    On the H1 chart, GBP/USD is currently expected to find support again around the 1.4157 level, where a breakout should happen to open the doors for another decline toward the 1.4100 psychological zone on a short-term basis. The overall structure is still bearish, as the Cable continues to trade below the 200 SMA on the H1 chart. The MACD indicator is reaching overbought conditions.

    1465854858_GBPUSDH1.png

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    H1 chart's resistance levels: 1.4336 / 1.4402

    H1 chart's support levels: 1.4247 / 1.4157

    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 1.4247, take profit is at 1.4157 and stop loss is at 1.4337.


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