Daily analysis of GBP/USD for August 09, 2017

The pair had a weak session during Tuesday as it consolidated the price action below the resistance zone of 1.2955. If GBP/USD manages to rebound over the support level of 1.2955, it can test the mentioned resistance, but the focus is now on the south, where a break below 1.2955 should expose the level of 1.2897. MACD indicator remains supporting the bearish scenario.


H1 chart's resistance levels: 1.3021 / 1.3080

H1 chart's support levels: 1.2955 / 1.2897

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2955, take profit is at 1.2867 and stop loss is at 1.3011.

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