Daily analysis of GBP/USD for May 15, 2018

The pair is looking to break above the 200 SMA at H1 chart, as the bulls are trying to gather momentum in order to extend the rally across the board. If that happens, then we might expect a move towards the 1.3733 level, where sellers could appear on scene. To the downside, a critical support still lies at 1.3480. MACD indicator stays in favor of the bulls.

H1 chart's resistance levels: 1.3595 / 1.3733

H1 chart's support levels: 1.3480 / 1.3342

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3480, take profit is at 1.3342 and stop loss is at 1.3618.