10.06.201500:35 Forex Analysis & Reviews: Daily analysis of GBP/USD for June 10, 2015

Long-term review

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GBP/USD is still making bullish corrective moves on the daily chart. Now it is trying to consolidate above the resistance level of 1.5346, because it is possible that could reach the 200 SMA very soon. However, the overall bearish bias is still alive and we could expect a lower continuation in coming days, but we should wait for a breakout of lows around 1.5199.

A bullish consolidation is in place above the 200 SMA in the H1 chart and that is why we expect a rally towards the resistance level of 1.5428. Anyway, that zone is so strong and there could happen a bearish reaction, because the current price action is not enough strong for an intraday bullish trend in the near term.

Daily chart's resistance levels: 1.5543 / 1.5755

Daily chart's support levels: 1.5346 / 1.5199

H1 chart's resistance levels: 1.5428 / 1.5502

H1 chart's support levels: 1.5358 / 1.5259

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5358, take profit is at 1.5259, and stop loss is at 1.5459.

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