The pair is looking for an opportunity to do a pullback around the resistance level of 1.5640. If that happens, we should expect a fall until the support level of 1.5543, where the 200 SMA is currently located on the daily chart. However, the risk at the upside is still high and GBP/USD could test the level of 1.5755 soon. The MACD indicator is at neutral territory.
On the H1 chart, GBP/USD is currently trading higher and forming a bullish pattern above the support level of 1.5639. Also, the pair remains very strong in the current higher swing. That is why we should expect a breakout around 1.5639 soon in order to reach the next resistance at the level of 1.5678 in the short term.
Daily chart's resistance levels: 1.5640 / 1.5755
Daily chart's support levels: 1.5543 / 1.5450
H1 chart's resistance levels: 1.5639 / 1.5678
H1 chart's support levels: 1.5596 / 1.5524
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 1.5639, take profit is at 1.5478, and stop loss is at 1.5601.
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 16, 2015 . Thanks for your support.
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