29.05.201620:20 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 30, 2016

Long-term review

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GBP/USD continues to perform corrective moves confirming the overall bullish bias which was pushed by the recent Brexit uncertainty increased amid the polls results. From a technical pont of view, cable can rebound above the 200 SMA, where a dynamic support can be found, and afterwards it is likely to test the 1.4662 level. MACD indicator is still in negative territory, and the price can possibly decline further to the 1.4566 level.

H1 chart's resistance levels: 1.4662 / 1.4692

H1 chart's support levels: 1.4604 / 1.4566

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 1.4662, take profit is at 1.4692 and stop loss is at 1.4631.

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