Daily analysis of GBP/USD for June 05, 2017

The pair is hovering around the 200 SMA at H1 chart, with a
resistance at 1.2911 helping to cap further gains. To the downside,
GBP/USD should make a breakout below 1.2845 in order to resume the
bearish structure and the efforts are getting weak for the buyers and
that’s why we would be watching for a consolidation above 1.2911 in
order to test the 1.2962 level.

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 05, 2017