Daily Analysis of GBP/USD for May 13, 2016
On the H1 chart, GBP/USD is still trapped in a range between the 1.4549 and 1.4430 levels, waiting to break some of those levels to reinforce the near-term trend. The overall structure is still calling for downside, but the yesterday session's price action told us that a possible bullish move could go toward the 1.4549 level.
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.
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