empty
 
 
22.08.2014 01:57 AM
Daily analysis of GBP/USD for August 22, 2014

Daily chart: GBP/USD continues falling below the 200-day moving average, the pair is falling in direction to the support level of 1.6540. If GBP/USD manages to make a breakout at that level, the next target would be the support level of 1.6447, which would mean strong bearish consolidation. The MACD indicator stays in negative territory.

This image is no longer relevant

H4 chart: This pair has formed a fractal close to the resistance level of 1.6583, so now GBP/USD is trying to form a bearish pattern. However, if this pair manages to make a breakout at the level of 1.6583, it would be expected to rise to the level of 1.6644. GBP/USD removed far from the 200-day moving average and the MACD indicator is entering neutral territory.

This image is no longer relevant

H1 chart: GBP/USD made a rebound on the support level of 1.6578, trying to climb up to the resistance level of 1.6629. If GBP/USD manages to make a breakout at this level, it would be expected to rise to the 200-day moving average. The MACD indicator is entering neutral territory.

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 1.6578, take profit is at 1.6544, and stop loss is at 1.6612.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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