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Daily analysis of GBP/USD for May 01, 2017

GBP/USD is looking to break above 1.2957, as the bulls gathered
momentum across the board during last week. However, this rise has
been done above the 200 SMA in the H1 chart in a slow tone. If that level
gives up to the upside, it can rally to test the resistance zone
of 1.3029. MACD indicator is turning flat, forecasting some sideways.


H1 chart’s resistance
levels: 1.2957 / 1.3029

H1 chart’s support levels:
1.2855 / 1.2652

Trading recommendations for today: Based on the H1 chart,
buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.2957, take profit is at
1.3029 and stop loss is at 1.2887.

The material has been provided by InstaForex Company –