In the daily chart, GBP/USD has been trading higher after a rebound around the support level of 1.5327. For now, we should expect a test of resistance level of 1.5543 and if the pair manages to break that zone, it would be expected to rise until the level of 1.5640.
The pair is looking for an opportunity to break the resistance level of 1.5524, where the 200 SMA is located in the H1 chart. That's why we still want to see more higher moves in the mid term, but a pullback around that area should not be discarded yet, as GBP/USD is looking for an opportunity to fall for new lows. The MACD indicator is at negative territory.
Daily chart's resistance levels: 1.5543 / 1.5640
Daily chart's support levels: 1.5450 / 1.5327
H1 chart's resistance levels: 1.5524 / 1.5596
H1 chart's support levels: 1.5458 / 1.5412
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 1.5458, take profit is at 1.5412, and stop loss is at 1.5501.
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 July 13, 2015 . Thanks for your support.
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