Daily analysis of GBP/USD for August 08, 2017

GBP/USD remains to consolidate losses around the support zone of 1.3012 and it's the last hurdle before to reach the other key zone at 1.2955. Currently, the pair is forming a lower low pattern below the 200 SMA and further weakness is expected. To the upside, the resistance zone of 1.3088 could act as a key barrier for any attempt of recovery.


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