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Daily analysis of GBP/USD for August 13, 2015

GBP/USD remains trapped inside the range between the 1.5640 and 1.5450 levels on the daily chart, but the slightly bullish bias is still alive. However, 200 SMA on this time frame seems to be neutral and that means the pair will try to find a solid road soon in order to continue trading higher or lower, but this stage is crucial.


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On H1 chart, GBP/USD has been trading above the 200 SMA and it's now looking to break the resistance level of 1.5632, in order to continue with the rally towards the 1.5679 level, the next resistance zone on a short-term basis. Besides, bear in mind that zone is very strong and could push lower again to the Cable.


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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: 1.5632 / 1.5679

H1 chart's support levels: 1.5587 / 1.5545

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 1.5632, take profit is at 1.5679, and stop loss is at 1.5541.

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