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23.08.201621:55 Forex Analysis & Reviews: Daily analysis of GBP/USD for August 24, 2016

Long-term review

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The pair continues to post new highs, as as there remains uncertainty around the US dollar ahead of Yellen's speech. On the H1 chart, GBP/USD has consolidated above the 200 SMA, and the next resistance is located at the 1.3258 level, where a breakout should happen in order to test the 1.3358 price zone. MACD indicator is entering the negative territory.

H1 chart's resistance levels: 1.3258 / 1.3358

H1 chart's support levels: 1.3170 / 1.3085

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 1.3258, take profit is at 1.3358 and stop loss is at 1.3158.

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