FX.co ★ Daily analysis of GBP/USD for May 07, 2018

The pair managed to post a fresh weekly low following the US NFP outcome, which has boosted the US Dollar across the board. The nearest support lies at 1.3480, where a breakout should open the doors to test the 1.3342 level, as the selling pressure is underway. However, a rebound at the current levels should take it to re-test the resistance zone of 1.3595.

H1 chart's resistance levels: 1.3595 / 1.3733

H1 chart's support levels: 1.3480 / 1.3342

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 1.3480, take profit is at 1.3342 and stop loss is at 1.3618.