empty
 
 
27.07.2015 01:06 AM
Daily analysis of GBP/USD for July 27, 2015

GBP/USD is still trading above the key support level of 1.5450, waiting to see more patterns that cleans the road to follow during the next days. We have been calling for a downside on this pair, but it seems that the support zone remains rather strong at current levels, and that is why we should expect a breakout above the resistance level of 1.5543 if bulls gets stronger in coming hours.

This image is no longer relevant

On the H1 chart, GBP/USD was rejected by support zone of 1.5472 and it is also trying to break the resistance level of 1.5524. Also, the pair is forming a lower low pattern, which could fail when the breakout mentioned above happens. If case of success, it would open the way to test the 200 SMA. The MACD indicator remains in the positive territory.

This image is no longer relevant

Daily chart's resistance levels: 1.5543 / 1.5640

Daily chart's support levels: 1.5450 / 1.5332

H1 chart's resistance levels: 1.5524 / 1.5568

H1 chart's support levels: 1.5502 / 1.5472

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 1.5524, take profit is at 1.5568, and stop loss is at 1.5481.

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