InstaForex - Analytics

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    Daily analysis of GBP/USD for June 16, 2016

    On the H1 chart, GBP/USD had no major changes after the Fed interest rate decision, and the pair is still trading into a sideways structure, but being favored by the bears at the moment. If the pair manages to break the support zone of 1.4171, then it should reach the lows from the June 14th session. The 200 SMA is still flat, but slightly bearish in an overall view.

    GBPUSDH1.png

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    H1 chart's resistance levels: 1.4171 / 1.4247

    H1 chart's support levels: 1.4100 / 1.4041

    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 1.4171, take profit is at 1.4100 and stop loss is at 1.4247.


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