Daily Analysis of GBP/USD for June 02, 2016
GBP/USD had a very weak session yesterday after posting new lows. Currently it's testing the support level of 1.4408. A rebound can be expected to re-test the resistance zone of 1.4464, but all the indicators on the H1 chart are pointing to the downside, as the 200 SMA is supporting that bearish scenario. A breakout below the 1.4408 level will open the doors to test the 1.4342 level, the lows from May 16th.
H1 chart's resistance levels: 1.4464 / 1.4540
H1 chart's support levels: 1.4408 / 1.4342
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 1.4464, take profit is at 1.4540 and stop loss is at 1.4387.