Daily analysis of GBP/USD for June 29, 2017

GBP/USD had another bullish wave the helped to test the resistance zone of 1.2940, at which the pair is hovering currently. It needs to break above 1.2940 in order to post another high, targeting the resistance level of 1.3011. To the downside, if Cable retraces back below 1.2855, it can re-test the 200 SMA at H1 chart around 1.2780.


H1 chart's resistance levels: 1.2940 / 1.3011

H1 chart's support levels: 1.2855 / 1.2756

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 1.2940, take profit is at 1.3011 and stop loss is at 1.2867.

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