InstaForex - Analytics


    739.75 6.25/10
    62% of positive reviews

    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.


    Show full picture

    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.


    Show full picture

    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.

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree