GBP/USD closed the bearish gap. On the daily chart, we still can observe a test at the resistance level of 1.5755 and if the pair does a breakout over there, it would be expected to test the next key high around the level of 1.5898. Also, bulls are getting stronger, but bear in mind the current situation in Greece.
At the H1 chart, GBP/USD has been
trading sideways, but remains above the 200 SMA. The current
situation in Greece makes us think about the possibility to take long
positions at this stage. GBP/USD is expected to rally towards new highs, as 200 SMA provides dynamic support, but
be cautious anyway.
resistance levels: 1.5755 / 1.5898
support levels: 1.5543 / 1.5450
H1 chart’s resistance
levels: 1.5740 / 1.5789
H1 chart’s support levels:
1.5687 / 1.5650
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 1.5740, take profit is at
1.5789, and stop loss is at 1.5693.
The material has been provided by InstaForex Company – www.instaforex.com