FX.co ★ Daily analysis of GBP/USD for May 22, 2018

GBP/USD is under a selling wave across the board and we can see that it managed to break below the lows from May 15th. Such move puts us into the focus that points the support zone of 1.3342, which if gives up, then we can expect further declines to test the 1.3264 level. To the upside, a break above 1.3455 should expose the 200 SMA on H1 chart.

H1 chart's resistance levels: 1.3455 / 1.3595

H1 chart's support levels: 1.3342 / 1.3264

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 1.3342, take profit is at 1.3264 and stop loss is at 1.3421.