FX.co ★ Daily analysis of GBP/USD for May 24, 2018

GBP/USD was smashed on Wednesday following the UK CPI data released on an annual basis. There is an ongoing breakout below the support level of 1.3342, which is the last hurdle ahead of the 1.3264 level. However, we cannot discard a possible rebound at the current stage in order to correct the current cycle towards 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