Daily analysis of GBP/USD for July 05, 2017

GBP/USD still has limited trading's action across the markets, as thin liquidy has been dominating the FX space due to holidays in the United States. The support zone of 1.2923 should be challenged in order to cap further weakness. However, if that area gives up, then we might expect a decline towards 1.2756 after it breaks the 200 SMA at H1 chart.

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.

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