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25.06.201500:34 Forex Analysis & Reviews: Daily analysis of GBP/USD for June 25, 2015

Long-term review

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GBP/USD was moving in a bearish trend during yesterday's session as we can see on daily chart. Now it's looking for an opportunity to fall to the 200 SMA. Anyway, if that happens, GBP/USD will remain bullish in our mid-term outlook as long as it stays above that moving average. However, if the pair does a breakout at the resistance level of 1.5775, it will reach the level of 1.5898.

The support level of 1.5687 continues to be a strong intraday bottom, because GBP/USD is looking for an opportunity to head upside as 200 SMA in the H1 chart remains bullish. There is a possible bearish formation because the pair will try to break the support zone of 1.5687 to reach the next low around the level of 1.5650.

Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's 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.

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