In the daily chart, GBP/USD is currently trading with a bearish gap, after a massive buying of the US dollar because of economic problems in Greece. By the way, the support level of 1.5543 is still the closest one in this time frame because it is currently located at the 200 SMA. GBP/USD could start going upwards after the corrective move.
Currently, GBP/USD is approaching strong support around the level of 1.5687 and, as we can see on the H1 chart, the pair could move to the upside and find resistance at 1.5740 in coming hours. However, a breakout in the support zone of 1.5687 will enable bears to test the level of 1.5650. The MACD indicator is in negative territory.
Daily chart's resistance levels: 1.5755 / 1.5898
Daily chart's support levels: 1.5543 / 1.5450
H1 chart's resistance levels: 1.5740 / 1.5789
H1 chart's support levels: 1.5687 / 1.5650
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 1.5740, take profit is at 1.5789, and stop loss is at 1.5693.
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 29, 2015 . Thanks for your support.
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