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Daily analysis of GBP/USD for July 06, 2017

The pair continues to hover around the 200 SMA at H1 chart and the resistance zone of 1.3017 is still the short-term target for bulls. If it gathers enough momentum in coming hours, we might expect a rally towards 1.3105, while a pullback should produce a break below the 200 SMA and it can target the 1.2756 level.

GBPUSDH1.png

H1 chart's resistance levels: 1.3011 / 1.3105

H1 chart's support levels: 1.2923 / 1.2756

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3011, take profit is at 1.3105 and stop loss is at 1.2918.

The material has been provided by InstaForex Company - www.instaforex.com
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