InstaForex - Analytics

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    Daily analysis of GBP/USD for July 05, 2016

    The cable remains flat and trading below the resistance level of 1.3380, looking to find a road for this week, where bears are still favored by the current price action. 200 SMA is still pointing to the downside on H1 chart, giving pressure to bulls on GBP/USD. However, if the pair manages to break the 1.3380 level, it can reach the 1.3653 price zone.

    1467668018_GBPUSDH1.png

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    H1 chart's resistance levels: 1.3380 / 1.3653

    H1 chart's support levels: 1.3148 / 1.3000

    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 1.3148, take profit is at 1.3000 and stop loss is at 1.3298.


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