Daily analysis of GBP/USD for July 03, 2015 Market Analysis Review

On the daily chart, GBP/USD is still trying to stay above the 200 SMA looking for an opportunity to rebound above that zone and to perform a rally towards the resistance level of 1.5755. However, a breakout at the support level of 1.5543 will open the doors for a testing around the level of 1.5450 in the short term. The MACD indicator is still at negative territory.

The current structure remains neutral in an intraday basis, because the pair has been trading above the support level of 1.5589, a very strong zone which is rejecting bearish action. That's why we would like to see a rally until the resistance zone of 1.5650, where a breakout could happen. The MACD indicator is at positive territory.

Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5650 / 1.5687

H1 chart's support levels: 1.5589 / 1.5537

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 1.5650, take profit is at 1.5687, and stop loss is at 1.5614.

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