GBP/USD remains weak in the daily chart, because bears are is still strong and there are no patterns that indicat a possible large recover against the downside. For now, we expect a breakout in the support zone of 1.5199 in order to reach the next target located at the level of 1.5090.
In the H1 chart, the pair is forming another lower low pattern. We ixpect it to break the level of 1.5158 to fall until a low of 1.5084. By the way, there is a possibility that GBP/USD could make a rebound at current levels and rise to the resistance zone of 1.5259. If it breaks that level, it would be expected to rise until 1.5358, where the 200 SMA is located.
Daily chart's resistance levels: 1.5346 / 1.5543
Daily chart's support levels: 1.5199 / 1.5090
H1 chart's resistance levels: 1.5259 / 1.5358
H1 chart's support levels: 1.5158 / 1.5084
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5158, take profit is at 1.5084, and stop loss is at 1.5235.
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 June 02, 2015 . Thanks for your support.
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