Daily analysis of GBP/USD for June 02, 2017

GBPUSDH1.png

GBP/USD didn’t succeed in consolidating above the resistance level of 1.2911, as the sellers keep pressuring the pair to the downside. Also, the 200 SMA at the H1 chart is providing a nice barrier for the buyers that are looking for the next target to the upside around 1.2962. If the support level of 1.2845 gives up, then we can expect a decline towards 1.2791.

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 02, 2017

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*