Daily Analysis of GBP/USD for June 03, 2016
The pair is still finding support around the 1.4408 level, which remained solid after BoE Governor Carney's speech during yesterday's session, and eventually it could do a rebound toward the 1.4464 level. If a breakout happens above it, then it can rally to the 1.4540 level, where the 200 SMA on the H1 chart is located. The MACD indicator is entering negative territory, favoring further weakness.
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.