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21.05.201721:02 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 22, 2017

Long-term review

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The GBP/USD pair is struggling to consolidate above the 1.3000 handle, as the sterling moved with a bullish bias last week. The resistance zone of 1.3038 is still strong and it's capping further gains in GBP/USD. If we witness a breakout above 1.3038, then a rally towards 1.3105 is expected to happen.

H1 chart's resistance levels: 1.3038 / 1.3105

H1 chart's support levels: 1.2984 / 1.2928

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 1.3038, take profit lies at 1.3105 and stop loss is found at 1.2970.

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