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01.06.2017 09:45 PM
Daily analysis of GBP/USD for June 02, 2017

GBP/USD didn't succeed in consolidating above the resistance level of 1.2911, as the sellers keep pressuring the pair to the downside. Also, the 200 SMA at the H1 chart is providing a nice barrier for the buyers that are looking for the next target to the upside around 1.2962. If the support level of 1.2845 gives up, then we can expect a decline towards 1.2791.

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H1 chart's resistance levels: 1.2911 / 1.2962

H1 chart's support levels: 1.2845 / 1.2791

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2845, take profit is at 1.2791 and stop loss is at 1.2900.

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