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29.07.201601:51 Forex Analysis & Reviews: Daily analysis of GBP/USD for July 29, 2016

Long-term review

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The pair found support once again at the 1.3148 level, where a rebound can happen to re-test the weekly highs around the 1.3266 level. However, in that zone, we can see a strong resistance in place, where the sellers could push lower the Cable towards the 200 SMA. On the other hand, if GBP/USD succeeds to break it, then another rally to the 1.3375 level cannot be discarded.

H1 chart's resistance levels: 1.3266 / 1.3375

H1 chart's support levels: 1.3148 / 1.3076

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 1.3266, take profit is at 1.3375 and stop loss is at 1.3155.

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