empty
 
 
05.08.2014 12:45 AM
Daily analysis of GBP/USD for August 05, 2014

Daily chart: GBP/USD has made a slight rebound at the level of 1.6851, where this pair formed a fractal. This move could be the confirmation of the formation of a higher low pattern in favor of the bearish trend. The GBP/USD has been in a strong bearish bias, so it is likely that this pair will start making longer corrective movements. The MACD indicator is in negative territory.

This image is no longer relevant

H4 chart: This pair has made a rebound on the support level of 1.6820, so it is very likely that the GBP/USD will attempt to climb to the resistance level of 1.6900. If GBP/USD manages to make a breakout at that level, the next target would be the level of 1.6995, where the 200 SMA is located. MACD indicator is in positive territory.

This image is no longer relevant

H1 chart: The GBP/USD is conducting a breakout at the level of 1.6850 as the pair is intending to go up to the resistance level of 1.6900, which is close to the 200 SMA. On the other hand, if the GBPUSD makes a pullback at current levels, it would be expected to fall to the support level of 1.6800.

This image is no longer relevant

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 1.6800, take profit is at 1.6750, and stop loss is at 1.6850.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback