There is bullish momentum again on the GBP/USD structure on the daily chart because the pair is trying to break the resistance level of 1.5238 and if it is successful, it would be expected to rally until the level of 1.5371. We could be in front of a bullish development for the medium term as GBP/USD will try to reach again the 200 SMA.
A sideways consolidation still takes place on the H1 chart because GBP/USD is forming a lower low pattern below the 200 SMA, but it could fail. Remember the support zone of 1.5102 is very strong and the overall bias on this pair is still calling 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: 1.5266 / 1.5313
H1 chart's support levels: 1.5217 / 1.5155
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 1.5266, take profit is at 1.5313, and stop loss is at 1.5222.
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 07, 2015 . Thanks for your support.
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