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22.05.201821:09 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 23, 2018

Long-term review

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The pair was rejected by the resistance level of 1.3455 and the selling pressure remains alive across the board, as the 200 SMA is getting closer to the current price. A breakout below the lows from May 21st should expose the key support area at 1.3342, followed by the 1.3264 level. To the upside, the 200 SMA should give up in order to allow a rally to test the highs from May 17th.

H1 chart's resistance levels: 1.3455 / 1.3595

H1 chart's support levels: 1.3342 / 1.3264

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3342, take profit is at 1.3264 and stop loss is at 1.3421.

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