29.08.201601:22 Forex Analysis & Reviews: Daily analysis of GBP/USD for August 29, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/USD retraced from the highs posted around the 1.3258 resistance level and now we're seeing a consolidation ongoing below the 200 SMA on H1 chart. The nearest support is located at the 1.3085 zone, where a rebound is expected to favour the corrective phase after that decline happened on Friday's session. With a breakout above the 1.3170 level, the pair may resume the bullish bias.

H1 chart's resistance levels: 1.3170 / 1.3258

H1 chart's support levels: 1.3085 / 1.3003

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 1.3170, take profit is at 1.3258 and stop loss is at 1.3085.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.