29.08.201722:04 Forex Analysis & Reviews: Daily analysis of GBP/USD for August 30, 2017

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.

The pair remains favored by the weakness in the US Dollar and now it's testing the resistance level of 1.2958. With a breakout above that zone, we can expect further strength towards 1.3013 and it's something that indicators are favoring. However, corrective moves should take place towards the 200 SMA at H1 chart.

H1 chart's resistance levels: 1.2958 / 1.3013

H1 chart's support levels: 1.2842 / 1.2761

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2958, take profit is at 1.3013 and stop loss is at 1.2903.

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.