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Daily analysis of GBP/USD for August 31, 2015

On the daily chart, GBP/USD has been performing a rebound above the support level of 1.5329, where the pair could start to develop a bearish pattern in order to ride the current bearish bias and achieve consolidation towards the next support around the level of 1.5224. By the way, we should expect a rise until the level of 1.5438 again.


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A trend in the H1 chart structure is calling for more downside below the 200 SMA and we could expect a breakout above the resistance level of 1.5415, in an effort to reach the level of 1.5463 . However, if the pair performs a pullback at current levels, it could test the support zone of 1.5368in order to make a breakout and fall to its low of 1.5331.


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Daily chart's resistance levels: 1.5438 / 1.5543

Daily chart's support levels: 1.5329 / 1.5224

H1 chart's resistance levels: 1.5415 / 1.5463

H1 chart's support levels: 1.5368 / 1.5331

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5368, take profit is at 1.5331, and stop loss is at 1.5406.

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