Daily analysis of GBP/USD for July 07, 2017

GBP/USD is still bullish across the board, with a consolidation ongoing above the 200 SMA at H1 chart and looks like it's targeting the resistance zone of 1.3011, where a breakout should open the doors to test the 1.3105 level. To the downside, the risk still is the 200 SMA zone, where a consolidation lower might increase the bearish acceleration towards 1.2756.

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