empty
 
 
16.07.2015 02:41 AM
Daily analysis of GBP/USD for July 16, 2015

The pair is looking for an opportunity to do a pullback around the resistance level of 1.5640. If that happens, we should expect a fall until the support level of 1.5543, where the 200 SMA is currently located on the daily chart. However, the risk at the upside is still high and GBP/USD could test the level of 1.5755 soon. The MACD indicator is at neutral territory.

This image is no longer relevant

On the H1 chart, GBP/USD is currently trading higher and forming a bullish pattern above the support level of 1.5639. Also, the pair remains very strong in the current higher swing. That is why we should expect a breakout around 1.5639 soon in order to reach the next resistance at the level of 1.5678 in the short term.

This image is no longer relevant

Daily chart's resistance levels: 1.5640 / 1.5755

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5639 / 1.5678

H1 chart's support levels: 1.5596 / 1.5524

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 1.5639, take profit is at 1.5478, and stop loss is at 1.5601.

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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