empty
 
 
24.08.2014 11:04 PM
Daily analysis of GBP/USD for August 25, 2014

Daily chart: GBP/USD is kept below the 200-day moving average due to the fact that it is trying to touch the support level of 1.6540 in this chart. Now, GBP/USD could begin to form a higher low pattern, so it is likely that this pair will perform corrective movements this week. The MACD indicator is in negative territory.

This image is no longer relevant

H4 chart: GBP/USD continues to find support at the level of 1.6553, where it has made a rebound to go up to the level of 1.6583, where a bearish trend line is located. If GBP/USD manages to make a breakout at that level, the next target would be the resistance level of 1.6644, which would be very likely due to the fact that this pair is oversold. The MACD indicator stays in positive territory.

This image is no longer relevant

H1 chart: This pair continues falling below the 200-day moving average and GBP/USD is now, doing a breakout at the support level of 1.6577, so it is likely that this pair will falls to the support level of 1.6544 within hours. If the GBP/USD manages to make a breakout at that level, it would be expected to fall until the support level of 1.6507. The MACD indicator is in 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 1.6544, take profit is at 1.6507, and stop loss is at 1.6581.

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