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Daily analysis of GBP/USD for June 07, 2016

The cable found a bottom around the 1.4351 level after the recent polls that showed a small favoritism by the "Brexit" option, and it pushed the pair lower without filling the bearish gap in the weekly opening. Currently, GBP/USD is looking to fill that space, which coincides with the 200 SMA, where a pullback could happen to resume the overall bearish bias, respecting the bearish trend line plotted on the H1 chart.


H1 chart's resistance levels: 1.4464 / 1.4530

H1 chart's support levels: 1.4408 / 1.4338

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4408, take profit is at 1.4338 and stop loss is at 1.4479.

The material has been provided by InstaForex Company -