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Daily analysis of GBP/USD for September 03, 2015

GBP/USD continues moving in the bearish trend on the daily chart, but it is performing some rebounds in lower time frames, as the pair will try to develop a lower low pattern in coming days. We should remember the support zone of 1.5224 is still strong and we expect a bullish reaction there in the short term.


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On the H1 chart, the pair found strong support at the level of 1.5272. The corrective moves could head towards the resistance zone of 1.5331. A breakout over there will expose the cable to test the resistance level of 1.5368. The 200 SMA is bearish in this time frame.


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Daily chart's resistance levels: 1.5329 / 1.5438

Daily chart's support levels: 1.5224 / 1.5107

H1 chart's resistance levels: 1.5331 / 1.5368

H1 chart's support levels: 1.5272 / 1.5220

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 1.5272, take profit is at 1.5220, and stop loss is at 1.5322.

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