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03.09.201501:09 Forex Analysis & Reviews: Daily analysis of GBP/USD for September 03, 2015

Long-term review

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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.

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.

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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