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Daily analysis of GBP/USD for August 12, 2015

On the daily chart, GBP/USD regained positions above the 200 SMA and it's pointing again towards the resistance level of 1.5640. We should be aware of a possible breakout there, which could unleash a bullish force and the pair will rise towards the resistance zone of 1.5761. MACD indicator is entering the neutral territory, an indicator of the current uncertainty of the Cable.

GBPUSDDaily.png

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GBP/USD is forming a higher high pattern above the 200 SMA on H1 chart. The current resistance level is set at 1.5587 which could be a big obstacle for bulls in the near term. If a breakout happens over there, the pair could rise until the 1.5632 level. However, there is still a high risk of a pullback below the moving average mentioned above.

GBPUSDH1.png

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Daily chart's resistance levels: 1.5640 / 1.5761

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5587 / 1.5632

H1 chart's support levels: 1.5545 / 1.5489

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5587, take profit is at 1.5632, and stop loss is at 1.5541.



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