13.08.201523:40 Forex Analysis & Reviews: Daily analysis of GBP/USD for August 14, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On the daily chart, the sideway trade is dominating the dynamic of GBP/USD, which continues to be trapped below resistance zone of 1.5640, but still trading above 200 SMA. However, a breakout over there will push the pair higher to test the next resistance around the 1.5761 level. MACD indicator is on the positive territory.

The resistance at the 1.5632 level is still rather strong on an intraday basis and the cable is falling further until the 200 SMA on H1 chart. Besides, GBP/USD seems to find dynamic support there and it could start to do rallies above the 1.5632 level until 1.5679. GBP/USD is still keeping the bullish momentum.

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.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.