11.07.201722:57 Forex Analysis & Reviews: Daily analysis of GBP/USD for July 12, 2017

Long-term review

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The pair has pulled back from the 200 SMA area at H1 chart and it's currently finding support at the 1.2839 level, amid USD weakness. Overall, as long as GBP/USD remains below that moving average, we might expect a bearish continuation to test the 1.2756 level following a breakout of the 1.2839 zone. MACD indicator supports the downside, as it remains in the negative territory.

H1 chart's resistance levels: 1.2914 / 1.3011

H1 chart's support levels: 1.2839 / 1.2756

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 1.2914, take profit is at 1.3011 and stop loss is at 1.2818.

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