Daily analysis of GBP/USD for July 17, 2017

GBP/USD had a strong momentum during Friday's session, as the greenback weakened across the markets and sent the pair to test the resistance zone of 1.3106. Such move opens the doors to reach the 1.3238 level as the next target to the upside. MACD indicator remains in the positive territory and the 200 SMA still points to the north.


H1 chart's resistance levels: 1.3106 / 1.3238

H1 chart's support levels: 1.3026 / 1.2968

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 1.3106, take profit is at 1.3238 and stop loss is at 1.2971.

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