Daily analysis of GBP/USD for May 26, 2016

GBP/USD had another rally day after it broke the highs from the May 19th session. Currently, we expect a breakout higher of the resistance zone of 1.4723 in order to reach the psychological zone around the 1.4800 level. However, a pullback can happen to correct the current bias, at least toward the 1.4662 level in the first degree.

H1 chart's resistance levels: 1.4723 / 1.4759
H1 chart's support levels: 1.4692 / 1.4662

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 1.4723, take profit is at 1.4759 and stop loss is at 1.4689.

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