There are no major changes in the current price action of GBP/USD at the moment as the pair is trading lower below the resistance level of 1.5238 and continues to look for the support zone of 1.5007. Currently, we could expect more downside moves and the MACD indicator is favoring this outlook. That is why we recommend to look for bearish patterns in lower time frames.
A sideways consolidation is still taking place on the H1 chart because GBP/USD is forming a lower low pattern below the 200 SMA, but it could fail. Remember that the support zone of 1.5102 is very strong and the overall bias on this pair is still calling us for upside moves. Furthermore, GBP/USD could break the resistance level of 1.5217.
Daily chart's resistance levels: 1.5238 / 1.5371
Dailychart's support levels: 1.5007 / 1.4874
H1 chart's resistance levels: 1.5155 / 1.5217
H1 chart's support levels: 1.5102 / 1.5060
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 1.5155, take profit is at 1.5217, and stop loss is at 1.5090.
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 05, 2015 . Thanks for your support.
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