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.
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.
Daily analysis of GBP/USD for May 29, 2017