Daily Analysis of GBP/USD for May 24, 2016
The pair had a very volatile session yesterday, as it has been hovering below the resistance level of 1.4549, where a fractal was formed. The nearest support is located around the 1.4430 level and if the cable is capable of breaking it, then we can expect another decline toward the 1.4335 level. However, a breakout above the 1.4549 level will push GBP/USD higher to the 1.4622 level.
H1 chart's resistance levels: 1.4549 / 1.4622
H1 chart's support levels: 1.4430 / 1.4335
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 1.4622 and stop loss is at 1.4477.