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28.05.2017 10:34 PM
Daily analysis of GBP/USD for May 29, 2017

GBP/USD had a strong decline on Friday, as the Pound weakened across the markets and such selling pressure was fueled by a sell-off in the greenback following positive data in the United States. The support zone of 1.2791 is leading the path in the pair and if it gives up, then a decline towards 1.2718 is likely to happen.

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H1 chart's resistance levels: 1.2845 / 1.2911

H1 chart's support levels: 1.2791 / 1.2718

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2791, take profit is at 1.2718 and stop loss is at 1.2865.

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