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Daily analysis of GBP/USD for June 21, 2017

GBP/USD had a strong decline during Tuesday's session, accelerating its downside towards the first target placed around 1.2567. If that level gives up, we might expect another fall to test the 1.2467 level, which is a key demand zone, where in the past, buyers have been present and pushing higher to the pair. MACD indicator is turning oversold, favoring to a possible correction.

GBPUSDH1.png

H1 chart's resistance levels: 1.2704 / 1.2826

H1 chart's support levels: 1.2567 / 1.2467

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 1.2567, take profit is at 1.2467 and stop loss is at 1.2665.

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