Daily analysis of GBP/USD for May 22, 2017

The GBP/USD pair is struggling to consolidate above the 1.3000 handle, as the sterling moved with a bullish bias last week. The resistance zone of 1.3038 is still strong and it’s
capping further gains in GBP/USD. If we witness a breakout above
1.3038, then a rally towards 1.3105 is expected to happen.

H1 chart’s resistance
levels: 1.3038 / 1.3105

H1 chart’s support levels:
1.2984 / 1.2928

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.3038, take profit lies at
1.3105 and stop loss is found at 1.2970.

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

Source:: Daily analysis of GBP/USD for May 22, 2017