FX.co ★ Daily analysis of GBP/USD for June 16, 2015

The GBP/USD pair is still trading higher and it's looking to do a mid-term consolidation above the 200 SMA on the daily chart. That's why short trades are not advised at this stage. Also, we should wait for a test at the resistance level of 1.5755, where the cable could turn into the bearish bias again in the medium and long term.

If we do an extensive analysis at the H1 chart, we can notice a bullish trendline following, which is helping the GBP/USD pair stay alive in the upside above the 200 SMA. The short-term outlook is still bullish and a breakout at the resistance level of 1.5610 will help the pair test the next resistance around the level of 1.5671.

Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5346

H1 chart's resistance levels: 1.5610 / 1.5671

H1 chart's support levels: 1.5548 / 1.5502

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5610, take profit is at 1.5671, and stop loss is at 1.5548.