Daily Analysis of GBP/USD for May 05, 2016

Daily Analysis of GBP/USD for May 05, 2016

5 May 2016, 09:45
Roberto Jacobs
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Daily Analysis of GBP/USD for May 05, 2016

The H1 chart structure is calling for a short-term bearish consolidation below the 200 SMA on the H1 chart, after the pair found resistance around the 1.4549 level. Rebounds can happen in coming hours as the Cable needs to perform bigger corrective moves from the decline held since the May 3rd session. The MACD indicator is in positive territory, supporting a possible bullish correction.

GBPUSDH1.png


H1 chart's resistance levels: 1.4549 / 1.4633

H1 chart's support levels: 1.4430 / 1.4316

Trading recommendations for today:

Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4549, take profit is at 1.4633 and stop loss is at 1.4465.


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