Daily analysis of GBP/USD for June 01, 2018

GBP/USD has been trading around the 200 SMA, as the declines continues to take place across the board. The support level of 1.3264 stays as a key zone to make a rebound in the pair and eventually we can witness a rise towards the resistance area of 1.3341, where a breakout should open the doors to test the 1.3455 level. If that happens, then we might expect a breakout of the 200 SMA as well.

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H1 chart’s resistance levels: 1.3341 / 1.3455

H1 chart’s support levels: 1.3264 / 1.3173

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3264, take profit is at 1.3173 and stop loss is at 1.3354.The material has been provided by InstaForex Company – www.instaforex.com