empty
 
 
15.05.2015 03:54 AM
Daily analysis of GBP/USD for May 15, 2015

GBP/USD remains very strong in the current bullish trend on the daily chart. There is a high probability that the pair will reach overbought levels or, better said, extreme zone. We could expect some sideways moves in the coming days because of it, as the GBP/USD pair could start to do strong pullbacks and the bearish side could take advantage.

This image is no longer relevant


On the H1chart, the GBP/USD pair found strong resistance at the 1.5794 level in a temporary manner. It's expected to fall until the support zone of 1.5706. For now, the pair is trading higher and counter-trend trades are very risky at this point. So it's better to wait for pattern confirmations if you want to trade in favor of the downside. The breakout of the support level of 1.5706 could take place.

This image is no longer relevant


Daily chart's resistance levels: 1.5907 / 1.6060

Dailychart's support levels: 1.5745 / 1.5543

H1 chart's resistance levels: 1.5794 / 1.5882

H1 chart's support levels: 1.5706 / 1.5597



Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5794, take profit is at 1.5882, and stop loss is at 1.5706.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback