Daily analysis of GBP/USD for August 21, 2017

The pair will have an interesting week given that the sideways range remains intact and one could expect a break of this area soon. If GBP/USD manages to break below 1.2850, it can open the doors to test the 1.2761 level, which is our preferred scenario as the 200 SMA at H1 chart continues to stay above the current price.

GBPUSDH1.png

H1 chart's resistance levels: 1.2958 / 1.3021

H1 chart's support levels: 1.2850 / 1.2761

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2850, take profit lies at 1.2761 and stop loss is found at 1.2938.

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