The Cable has been doing a rebound since the start of the week, as it’s very
close to the 200 SMA price zone, where a resistance can be found. If
GBP/USD does a pullback around it, then we can expect another decline
to test the support level of 1.4316. Another scenario could be a
possible breakout above the 1.4330 level, a volatile price level,
that could push the pair higher to the 1.4549 level.
H1 chart’s resistance
levels: 1.4430 / 1.4549
H1 chart’s support levels:
1.4316 / 1.4222
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 1.4316, take profit is at 1.4222
and stop loss is at 1.4408.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of GBP/USD for May 17, 2016 appeared first on forex-analytics.press.