GBP/USD had a strong bullish momentum during yesterday’s session, as
the pair reacted in a positive way to the good indicators released in the UK. Currently, it’s facing off the resistance level of 1.4622, where
a pullback can happen towards the 1.4549 level, and a more deeper
decline can happen to retest Wednesday’s lows, but the bullish
bias stays intact.
H1 chart’s resistance
levels: 1.4622 / 1.4686
H1 chart’s support levels:
1.4549 / 1.4430
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 1.4549, take profit is at 1.4430
and stop loss is at 1.4670.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of GBP/USD for May 19, 2016 appeared first on forex-analytics.press.