Daily Analysis of GBP/USD for June 02, 2016

Daily Analysis of GBP/USD for June 02, 2016

2 June 2016, 10:11
Roberto Jacobs
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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.


GBPUSDH1.png


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.

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