Daily Analysis of GBP/USD for June 30, 2016
The Cable has been doing consolidation moves during the week, and now we can see a breakout above the 1.3380 level, which should expose the resistance zone of 1.3653, where a pullback can happen to resume the bearish bias. However, the pair aims to reach the 200 SMA on the H1 chart, because the price action is being favored to fill the bearish gap left at the start of the week.
H1 chart's resistance levels: 1.3653 / 1.3770
H1 chart's support levels: 1.3380 / 1.3148
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3380, take profit is at 1.3148 and stop loss is at 1.3612.