Daily analysis of GBP/USD for August 07, 2017

The pair has made another leg lower and it's close to testing the support zone of 1.3012, following positive US NFP numbers. Currently, a consolidation below the 200 SMA at the H1 chart is happening and as long as GBP/USD stays below that moving average, we can expect further weakness towards the 1.2955 level. MACD indicator is in the negative territory.


H1 chart's resistance levels: 1.3088 / 1.3160

H1 chart's support levels: 1.3012 / 1.2955

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3088, take profit is at 1.3160 and stop loss is at 1.3015.

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