Daily Analysis of GBP/USD for July 01, 2016

Daily Analysis of GBP/USD for July 01, 2016

1 July 2016, 10:02
Roberto Jacobs
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Daily Analysis of GBP/USD for July 01, 2016

GBP/USD had a decline during yesterday's session after BoE's Mark Carney announced that a rate cut is coming this summer. That would put the Cable into a bearish scenario for the next weeks, and it could break the support zone around the 1.3148 level, in order to extend the decline towards the 1.3148 price zone. The MACD indicator is favoring that bias, as it remains in negative territory on the H1 chart.


GBPUSDH1.png


H1 chart's resistance levels: 1.3380 / 1.3653

H1 chart's support levels: 1.3148 / 1.3000

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 1.3148, take profit is at 1.3000 and stop loss is at 1.3298.


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