Daily analysis of GBP/USD for July 08, 2016

The pair remains untouched in a bearish bias around the historical lows reached this week and now it's being supported by the 1.2858 level. A rebound above it can push the cable towards the psychological level of 1.3000. 200 SMA on H1 chart is still bearish and as long as the pair remains trading below that indicator, we could expect further declines.

H1 chart's resistance levels: 1.3000 / 1.3148
H1 chart's support levels: 1.2858 / 1.2750

Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3000, take profit is at 1.2858 and stop loss is at 1.3148.

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