Daily analysis of GBP/USD for September 01, 2015

GBP/USD is still trading lower looking for an opportunity to break the support level of 1.5329, where it could rebound and resume the overall bullish trend. However, our view is still bearish, because that zone could be broken to the downside. In case of success, the pair will test the level of 1.5224 in coming
days.

1441054056_GBPUSDDaily.png

There could be a double bottom pattern
formation in the H1 chart, where the GBP/USD pair is finding strong support
around the level of 1.5331. If the pair does a breakout there, it could
be expected to fall until 1.5272. In another scenario, the cable could start to do corrective moves towards the resistance zone
of 1.5415.

1441054062_GBPUSDH1.png

Daily chart’s resistance
levels: 1.5438 / 1.5543

Daily chart’s support
levels: 1.5329 / 1.5224

H1 chart’s resistance
levels: 1.5415 / 1.5463

H1 chart’s support levels:
1.5368 / 1.5331

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 1.5331, take profit is at
1.5272, and stop loss is at 1.5390.

The material has been provided by InstaForex Company – www.instaforex.com

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