Daily analysis of GBP/USD for August 10, 2017

GBP/USD remains trapped in a consolidation range below the 200 SMA at H1 chart. To the downside, the pair is facing a support around 1.2955, at which a breakout should expose the next key target for sellers around 1.2897. However, we're expecting a corrective move that can make the pair to test the resistance level of 1.3021.

1502302791_GBPUSDH1.png

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.

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