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Technical analysis of GBP/USD for August 26, 2015

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Overview:

  • The weekly pivot point of the GBP/USD pair has set at the level of 1.5685 this week. Now it is acting as strong resistance. As it is known, sellers ask for a high price. Therefore, the first key level will set at 1.5720 and the second key level will set at 1.5685 on August 26, 2015. It should remind that the levels of 1.5720/1.5685 represent resistance. For that the GBP/USD pair is expacted to move between 1.5720/1.5685 and 1.5603. Additionally, it should be noted that the range will be about 91 pips today. We expect that the trend is going to call for the bearish market from the level of 1.5685 because it has clearly indicated downward direction this morning. As a result, selling at the level of 1.5685 with the first target at 1.5622 might resume to 1.5585 in order to test the weekly support 1. On the other hand, your stop loss should be placed above the level of 1.5720. It will be helpful to set it at the level of 1.5745 this week.


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