Technical analysis of GBP/USD for August 31, 2015

The weekly technical analysis of GBP/USD pair:

gbpusd_pp.png

Trading recommendations:

  • According to the previous events, the GBP/USD pair is still trapping between the levels of 1.5515 and 1.5213.
  • The level of 1.5515 represents the weekly pivot point and the weekly support one is set at 1.5213.
  • Therefore, we expect a range of at least 302 pips this week.
    Sell below the level of 1.5515 in the short term with the first target at 1.5335 in order to form a double bottom.
  • Moreover, if the trend is be able to break the double bottom at 1.5335, it might move towards the first weekly support at 1.5213.
1441019358_GBPUSDH1.png

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

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