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Daily analysis of GBP/USD for August 04, 2015

There is still a battle between bulls and bears inside the range of 1.5640 - 1.5543 on the daily chart. That is why we still expect strong reaction when a breakout happens around the resistance level of 1.5640. That would open the next higher target until the level of 1.5777. The MACD indicator is still at neutral territory.

GBPUSDDaily.png

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GBP/USD still moving to the dynamic support at 200 SMA where it should make a rebound in order to ride the current bullish bias and reach new highs. Still we are expecting a breakout over the resistance level of 1.5633. If that happens, then the pair will reach the 1.5664 zone. This would be invalidated by a breakout of a low hit back on July 31.

GBPUSDH1.png

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Daily chart's resistance levels: 1.5640 / 1.5777

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5633 / 1.5664

H1 chart's support levels: 1.5587 / 1.5562

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 1.5633, take profit is at 1.5664, and stop loss is at 1.5602.



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