Daily analysis of GBP/USD for June 07, 2017

The pair didn’t manage to consolidate above the resistance level of 1.2911, but it seems that a consolidation above the 200 SMA at the H1 chart is taking place and it could hold for the rest of the week. If the level of 1.2962 is broken, then it can rally to test the psychological level of 1.3000. MACD indicator remains in the negative territory.

H1 chart’s resistance levels: 1.2911 / 1.2962

H1 chart’s support levels: 1.2845 / 1.2791

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2845, take profit is at 1.2791 and stop loss is at 1.2900.

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

Source:: Daily analysis of GBP/USD for June 07, 2017