Daily analysis of GBP/USD for May 24, 2017

The pair remains under a limited pressure amid latest headlines about the terrorist attack in Manchester last night, which left 19 died and several people injured. The support zone of 1.2960 is limiting the bearish’s advance for the short-term and one could expect a rebound to test the 1.3038 level. By the other hand, with a breakout below 1.2960, GBP/USD could be on its way to reaching the 1.2928 level.

H1 chart’s resistance levels: 1.3038 / 1.3105

H1 chart’s support levels: 1.2960 / 1.2928

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 1.3038, take profit is at 1.3105 and stop loss is at 1.2970.

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

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