Daily analysis of GBP/USD for July 11, 2017

A thin liquidity day we had in the markets and the GBP/USD pair didn't have much action during Monday. An ongoing consolidation below the 200 SMA is taking place and one could expect a kind of breakout below Monday's lows in order to test the 1.2756 level as the next support to the downside. MACD indicator remains in favor of the bullish bias.

1499717401_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