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.

1499113240_GBPUSDH1.png

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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