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10.07.201502:44 Forex Analysis & Reviews: Daily analysis of GBP/USD for July 10, 2015

Long-term review

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GBP/USD remains trading below the 200 SMA in the daily chart and it is currently testing the support zone around 1.5327. We expect a breakout below the level of 1.5243 in order to change our mid-term outlook to bearish because the current structure is still calling for more upside. the MACD indicator is at negative territory.

In the H1 chart, the current intraday structure is still bearish, but the pair was rejected by the support level of 1.5329. At the moment, we can expect a rise until the resistance level of 1.5412. However, GBP/USD is still alive inside a lower low pattern formation, which could be extended below the low mentioned above. The MACD indicator is entering at positive territory.

Daily chart's resistance levels: 1.5450 / 1.5543

Daily chart's support levels: 1.5327 / 1.5243

H1 chart's resistance levels: 1.5412 / 1.5458

H1 chart's support levels: 1.5363 / 1.5329

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 1.5329, take profit is at 1.5269, and stop loss is at 1.5397.

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