empty
 
 
27.05.2015 04:47 AM
Daily analysis of GBP/USD for May 27, 2015

The GBP/USD pair is still bearish and it's prepearing to test the support level at 1.5346 again. There is a high risk of a breakout in that territory for a lower continuation towards the support level of 1.5199 in coming days. 200 SMA is still flat on the daily chart. We would expect some kind of sideways moves before that possible breakout.

This image is no longer relevant

In the H1 chart, GBP/USD is trading in favor of the intraday bearish bias below the 200 SMA. Also, the bottom at the support level of 1.5358 is still solid and that's why we would expect a lower low pattern formation. For now, GBP/USD continues to form lower swings and the current structure is favoring downside.

This image is no longer relevant

Daily chart's resistance levels: 1.5543 / 1.5745

Daily chart's support levels: 1.5346 / 1.5199

H1 chart's resistance levels: 1.5443 / 1.5513

H1 chart's support levels: 1.5358 / 1.5259

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 1.5358, take profit is at 1.5259, and stop loss is at 1.5459.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback