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Daily analysis of GBP/USD for September 05, 2016

GBP/USD is still performing a higher consolidation above the 200 SMA on H1 chart, following the less-than-expected NFP figure in the United States last Friday. Currently, we should expect a test of the resistance zone of 1.3360, where a breakout should open the doors to rally towards the 1.3480 level. MACD indicator remains on negative territory and possibly is calling for a correction in coming days.

GBPUSDH1.png

H1 chart's resistance levels: 1.3360 / 1.3458

H1 chart's support levels: 1.3358 / 1.3270

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3360, take profit is at 1.3458 and stop loss is at 1.3241.

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