Daily Analysis of GBP/USD for May 11, 2016
The pair found a temporal support around the 1.4430 level, but still we can see that a bearish tone is placed below the 200 SMA. However, a breakout above the resistance zone of 1.4549 will push the cable higher to test the 1.4635 level. A bullish bias is likely to be followed afterwards in the medium term. MACD indicator is entering the negative territory.
H1 chart's resistance levels: 1.4549 / 1.4635
H1 chart's support levels: 1.4430 / 1.4316
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 1.4430, take profit is at 1.4316 and stop loss is at 1.4542.