FX.co ★ Daily analysis of GBP/USD for May 02, 2017

The pair holds the support zone of 1.2855, as the week starts with holidays in most of the countries. The resistance level of 1.2957 still provides a strong barrier for buyers and it's helping to cap further caps for the short-term. In the scenario that we witness a breakout below 1.2855, we might expect a decline to test the 1.2772 zone.

H1 chart's resistance levels: 1.2957 / 1.3029

H1 chart's support levels: 1.2855 / 1.2652

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 1.2957, take profit is at 1.3029 and stop loss is at 1.2887.