FX.co ★ Daily analysis of GBP/USD for June 23, 2015

AAt the daily chart, GBP/USD did a pullback around the resistance level of 1.5898, which is now looking to do a corrective moves towards the support zone of 1.5755. Also, a breakout over there will make the GBP/USD pair to test the level of 1.5543, where the 200 SMA is located in this time frame. The MACD indicator is still in positive territory.

In the short term, GBP/USD has been trading sideways below the resistance zone of 1.5841. The pair is expected to turn lower for a bit, as it's approaching the 200 SMA on the H1 chart, which is below the current level. However, we're still expecting a rebound and test of new highs.

Daily chart's resistance levels: 1.5898 / 1.6036

Daily chart's support levels: 1.5755 / 1.5543

H1 chart's resistance levels: 1.5841 / 1.5884

H1 chart's support levels: 1.5789 / 1.5740

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 1.5841, take profit is at 1.5884, and stop loss is at 1.5796.