On the daily chart, GBP/USD is already doing a deep pullback from the resistance level of 1.5371 after forming a fractal on the last high. Now, we could expect testing of the support zone of 1.5007 only if the pair does a breakout in the zone of 1.5238 to the downside. The MACD indicator is entering an overbought territory.
GBP/USD is already strong in the current bearish bias because the pair is trading on the 200 SMA on the H1 chart. It could be offering dynamic support or just another dynamic pivot that could accelerate the bearish momentum. In our outlook on the intraday basis, GBP/USD could start to trade in sideways during the next week.
Daily chart's resistance levels: 1.5238 / 1.5371
Dailychart's support levels: 1.5007 / 1.4874
H1 chart's resistance levels: 1.5217 / 1.5313
H1 chart's support levels: 1.5155 / 1.5102
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 1.5217; take profit is at 1.5313; and stop loss is at 1.5123.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for May 01, 2015 . Thanks for your support.
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