13.05.201503:10 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 13, 2015

Long-term review

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A bullish path is very strong on the GBP/USD daily chart because the pair is looking to rise until the resistance zone of 1.5745. We could expect some kind of sideways consolidation above the 200 SMA in this time frame as the pair is trading in favor of the overall trend. The MACD indicator is already supporting the current bullish bias.

On the H1 chart, GBP/USD is already trading with a bullish pattern formation in progress as the pair is looking to reach new highs after a possible breakout at the resistance level of 1.5706 in the short term. Currently, we can observe some fractals in the current short-term bullish structure, which is already calling for more upside move.

Daily chart's resistance levels: 1.5745 / 1.5907

Dailychart's support levels: 1.5543 / 1.5371

H1 chart's resistance levels: 1.5706 / 1.5794

H1 chart's support levels: 1.5597 / 1.5533

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 1.5617.

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