FX.co ★ Daily analysis of GBP/USD for May 09, 2017

GBP/USD struggled to reach the psychological level of 1.3000 and remains well consolidated below the 1.2950 zone. Currently, the price action points to test the 200 SMA on H1 chart, where a dynamic support can be found in the short term. Around that area, we can expect further bullish momentum in the Cable in order to test the 1.3030 level in coming days.

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.