GBP/USD is forming a bullish pattern below the zone around 1.5543, where the 200 SMA is currently located in the daily chart. This gives us a new scenario because the pair could reach new highs above that moving average. It is likely to find resistance at the level of 1.5745. The MACD indicator is still alive at positive territory.
The short-term outlook remains bullish because GBP/USD is still trading above the 200 SMA in the H1 chart with a higher high pattern formation in place. The closest resistance is located at 1.5472. Now, there is risk of a lower breakout at the support level of 1.5392 with a near-term target at 1.5307.
Daily chart's resistance levels: 1.5543 / 1.5745
Dailychart's support levels: 1.5371 / 1.5238
H1 chart's resistance levels: 1.5472 / 1.5533
H1 chart's support levels: 1.5392 / 1.5307
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 1.5472, take profit is at 1.5533, and stop loss is at 1.5415.
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 11, 2015 . Thanks for your support.
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