empty
 
 
06.09.2015 09:34 PM
Daily analysis of GBP/USD for September 07, 2015

The current structure on daily chart is calling for more downside in coming days, because GBP/USD did a breakout around the level of 1.5224. Now, that is a resistance zone with a focus placed towards the next support at the level of 1.5107. When a breakout happens there, then the pair will fall until at least the level of 1.4972.

This image is no longer relevant

On the H1 chart, the pair continues to trade alongside with the direction placed by the 200 SMA, which is pointing to the downside. The nearest support is located at the 1.5167 and when a breakout happens there, GBP/USD will trade lower towards the next bottom around the 1.5098 in a short term basis. MACD indicator is still at negative territory.

This image is no longer relevant

Daily chart's resistance levels: 1.5224 / 1.329

Daily chart's support levels: 1.5107 / 1.4972

H1 chart's resistance levels: 1.5220 / 1.5272

H1 chart's support levels: 1.5167 / 1.5098

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 1.5167, take profit is at 1.5098, and stop loss is at 1.5237.

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