empty
 
 
08.08.2014 01:29 AM
Daily analysis of GBP/USD for August 08, 2014

Daily chart: The GBP/USD continues to form a higher low pattern below the resistance level of 1.6851, where the pair tried to perform a bullish rebound but failed. If the GBP/USD manages to make a breakout at the support level of 1.6766, it would be expected to fall to the level of 1.6663. The MACD is in negative territory.

This image is no longer relevant

H4 chart: The GBP/USD has not made significant changes in this chart, as this pair continues to find support at 1.6820 level. If the GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6762. However, caution when placing sell orders is currently recommended. The MACD indicator is entering negative territory.

This image is no longer relevant

H1 chart: This pair again has made a breakout at the level of 1.6850, so far, the GBP/USD is trying to fall to the support level of 1.6800. If the pair manages to consolidate below that level, the next target would be the support level of 1.6750, which would be a bearish consolidation in the medium term.

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 $9000 more!
    In May we raffle $9000 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