The pair is posting more declines below the 1.3000 psychological
level, and we can see further weakness toward the support level of
1.2798. The 200 SMA on the H1 chart is pointing to the downside and it
can put pressure on GBP/USD. However, if we see a rebound,
then the next hurdle will be the 1.2950 level. MACD indicator is
entering neutral territory, and that should lead to a sideways
range.
H1 chart’s resistance
levels: 1.3000 / 1.3085
H1 chart’s support levels:
1.2894 / 1.2798
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 1.2894, take profit is at 1.2798
and stop loss is at 1.2987.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of GBP/USD for August 16, 2016 appeared first on forex-analytics.press.