Daily analysis of GBP/USD for July 24, 2017

The pair is moving in sideways around the 200 SMA zone at H1 chart and still, the bullish structure doesn’t have enough strength. We need to see a break above the resistance level of 1.3037 in order to test the 1.3106 level. However, GBP/USD is struggling to hold above 1.2968 and if that zone gives up, a decline could be seen towards 1.2882.

H1 chart’s resistance levels: 1.3037 / 1.3106

H1 chart’s support levels: 1.2968 / 1.2882

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3037, take profit is at 1.3106 and stop loss is at 1.2968.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of GBP/USD for July 24, 2017