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04.08.2015 04:35 PM
GBP/USD intraday technical levels and trading recommendations for August 4, 2015

On the daily chart, the pair is still looking for strong support above the 200 SMA, but it failed to reach a new daily timeframe's high several times. We expect further downside on the GBP/USD chart in coming days, but the pair seems to be trying to stay in overall bullish bias. The MACD indicator is turning to the negative territory.

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The GBP/USD pair is still trapped in a sideways range between 1.5633 and 1.5562 on the H1 chart. The last level mentioned above could provide the pair with bullish momentum in order to re-test the resistance zone of 1.5633. The MACD indicator is still in the negative territory.

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Daily chart's resistance levels: 1.5640 / 1.5777

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5587 / 1.5633

H1 chart's support levels: 1.5562 / 1.5536

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 1.5587, take profit is at 1.5633, and stop loss is at 1.5541.

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