Daily analysis of GBP/USD for June 07, 2018

GBP/USD has been trading within a bullish tone above the 200 SMA on H1 chart and it targets the resistance zone of 1.3455, where a breakout should open the doors to test the psychological level of 1.3500. On the flip side, the support level of 1.3341 should give up to allow a sharp decline towards the 1.3264 level. MACD indicator stays in favor of the bears.

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H1 chart's resistance levels: 1.3341 / 1.3455

H1 chart's support levels: 1.3264 / 1.3173

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3264, take profit is at 1.3173 and stop loss is at 1.3354.The material has been provided by InstaForex Company - www.instaforex.com