For Traders

Analytical Reviews

Technical analysis

14.08.201622:16 Forex Analysis & Reviews: Daily analysis of GBP/USD for August 15, 2016

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.

GBP/USD is posting new lows across the board, consolidating below the resistance zone of 1.3000 and it looks like that a breakout could happen at the support level of 1.2894. If the Cable manages to do it, then we can see a decline towards the 1.2798 level. However, we should see the price action's development during first days, as we can see a rebound to re-test the 1.3000 psychological level.

H1 chart's resistance levels: 1.3000 / 1.3085

H1 chart's support levels: 1.2894 / 1.2798

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 1.2894, take profit is at 1.2798 and stop loss is at 1.2987.

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.