Daily analysis of GBP/USD for July 04, 2017

The pair had a bearish session during Monday, despite thin volatility seen during U.S. session. If we witness a breakout below 1.2923, one would expect a continuation towards 1.2756 in a first degree, but we cannot forget that the 200 SMA at H1 chart could provide dynamic support. MACD indicator remains in the negative territory, supporting the current bias.


H1 chart's resistance levels: 1.3011 / 1.3105

H1 chart's support levels: 1.2923 / 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 1.3011, take profit is at 1.3105 and stop loss is at 1.2918.

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