Daily Analysis of GBP/USD for May 27, 2016

Daily Analysis of GBP/USD for May 27, 2016

27 May 2016, 10:37
Roberto Jacobs
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Daily Analysis of GBP/USD for May 27, 2016

Pair had a corrective session and it's now looking to find support around the 1.4662 level. However, overall bullish bias remains untouched, as the Cable has been trading higher after it performed rebounds above the 200 SMA, which is our path of the current trend. A breakout above the 1.4723 level could push the GBP/USD towards the 1.4800 psychological zone.


1464299053_GBPUSDH1.png


H1 chart's resistance levels: 1.4692 / 1.4723

H1 chart's support levels: 1.4662 / 1.4604

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 1.4692, take profit is at 1.4723, and stop loss is at 1.4661.


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