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29.05.201721:33 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 30, 2017

Long-term review

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The pair had a limited trading range during Monday, as we had holidays in the United States. The resistance zone of 1.2845 acted as intraday resistance in the Cable and we can expect a lower consolidation below that scenario in order to reach the support zone of 1.2791. If GBP/USD plunges below that area, then a testing of the 1.2718 level is likely to happen.

H1 chart's resistance levels: 1.2845 / 1.2911

H1 chart's support levels: 1.2791 / 1.2718

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2791, take profit is at 1.2718 and stop loss is at 1.2865.

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