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Technical analysis of GBP/USDfor August 19, 2015

Since July 15, GBP/USD has been consolidating in the 200-pip range 1.5460 to 1.5660. While the price was moving sideways, the RSI oscillator has been moving upwards within the ascending channel signaling on a potential uptrend continuation.

On August 7, the pair formed a double bottom near 1.5660 and at the same time rejected ascending channel slightly. The longer-term uptrend has also been rejected, but the shorter-term downtrend trendline has been broken. Finally, yesterday, GBP/USD managed to make a new higher high that could bring in more buyers.

Consider buying GBP/USD this week on any minor pullbacks while the price is below R1 (1.5688). The target area is between the previously formed top on the 18.06 (1.5930) and 161.8% retracement level of the Fibonacci applied to the last corrective wave down (29.07 high and 07.08 low). A tight stop loss at the S1 low (1.5561) should be used.

Support: 1.5587

Resistance: 1.5688, 1.5851, 1.5930

gbpusd-h4-instaforex-group-3.png

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