empty
 
 
27.08.2015 11:57 PM
Daily analysis of GBP/USD for August 28, 2015

The bearish bias remains dominating the GBP/USD pair, which is сonsolidati below the level of 1.5438 on the daily chart. This move could open doors to the next support zone around the level of 1.5329. The 200 SMA is still neutral, and that is why we should be very cautious when trading inside this range.

This image is no longer relevant

The short-term trend is still bearish on the structure at H1 chart, and its already forming a lower low pattern below the level of 1.5436. This pattern could be developed when GBP/USD broke a low of 1.5368. However, a correction move towards the resistance level of 1.5463 should be taken into account. The MACD indicator is at the positive territory.

This image is no longer relevant

Daily chart's resistance levels: 1.5438 / 1.5543

Daily chart's support levels: 1.5329 / 1.5224

H1 chart's resistance levels: 1.5463 / 1.5502

H1 chart's support levels: 1.5415 / 1.5368

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 1.5415, take profit is at 1.5368, and stop loss is at 1.5457.

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