Daily analysis of GBP/USD for May 30, 2017
The pair had a limited trading range during Monday, as we had holidays in the United States. The resistance zone of 1.2845 acted as intraday resistance in the Cable and we can expect a lower consolidation below that scenario in order to reach the support zone of 1.2791. If GBP/USD plunges below that area, then a testing of the 1.2718 level is likely to happen.
H1 chart's resistance levels: 1.2845 / 1.2911
H1 chart's support levels: 1.2791 / 1.2718
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 1.2791, take profit is at 1.2718 and stop loss is at 1.2865.
H1 chart's resistance levels: 1.2845 / 1.2911
H1 chart's support levels: 1.2791 / 1.2718
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 1.2791, take profit is at 1.2718 and stop loss is at 1.2865.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.