empty
 
 
19.05.2015 02:53 AM
Daily analysis of GBP/USD for May 19, 2015

During Monday's session, GBP/USD did a significant pullback around the resistance level at 1.5745 and now it's looking to reach the support zone of 1.5543, where the 200 SMA is located in the daily chart. Also, we have been expecting this move, because GBP/USD had a very directional bullish trend throughout April's lows. The MACD indicator is entering into overbought territory.

This image is no longer relevant


On the H1 chart, GBP/USD is trying to reach the 200 SMA as the pair fell within the last session and we expect more lower trading during today. Anyway, if the GBP/USD pair does a breakout at the support level of 1.5597, it would be expected to fall until 1.5513, which is below the moving average mentioned above.

This image is no longer relevant


Daily chart's resistance levels: 1.5745 / 1.5907

Dailychart's support levels: 1.5543 / 1.5346

H1 chart's resistance levels: 1.5706 / 1.5794

H1 chart's support levels: 1.5597 / 1.5513



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 1.5706, take profit is at 1.5794, and stop loss is at 1.5615.

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