FX.co ★ Daily analysis of GBP/USD for May 17, 2018

The pair managed to pullback from the 200 SMA at H1 chart and it gave the enough bearish momentum in order to challenge the support zone of 1.3480. A breakout below that area should expose the 1.3342 level, where the bears could gather strength to post new lows across the board. However, any rebounds should be capped by the 200 SMA.

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.