empty
 
 
12.08.2015 12:33 AM
Daily analysis of GBP/USD for August 12, 2015

On the daily chart, GBP/USD regained positions above the 200 SMA and it's pointing again towards the resistance level of 1.5640. We should be aware of a possible breakout there, which could unleash a bullish force and the pair will rise towards the resistance zone of 1.5761. MACD indicator is entering the neutral territory, an indicator of the current uncertainty of the Cable.

This image is no longer relevant

GBP/USD is forming a higher high pattern above the 200 SMA on H1 chart. The current resistance level is set at 1.5587 which could be a big obstacle for bulls in the near term. If a breakout happens over there, the pair could rise until the 1.5632 level. However, there is still a high risk of a pullback below the moving average mentioned above.

This image is no longer relevant

Daily chart's resistance levels: 1.5640 / 1.5761

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5587 / 1.5632

H1 chart's support levels: 1.5545 / 1.5489

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 1.5632, and stop loss is at 1.5541.

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