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Daily analysis of GBP/USD for August 15, 2014

Daily chart: The GBP/USD is starting formation of a higher low pattern above the support level of 1.6668. This support level is near the 200-day moving average on this chart. This pair is likely to move in a range during today's session, because the GBP/USD is oversold. The MACD indicator remains in negative territory and entering oversold zone.


1408056151_GBPUSDDaily.png


H4 chart: The GBP/USD is consolidating below the resistance level of 1.6692, so it is very likely that this pair will fall to the support level of 1.6644. If the GBP/USD manages to make a breakout at that level, the next target would be the level of 1.6583. However, if this pair makes a breakout of the resistance level of 1.6692, it would be expected to rise to the level of 1.6731. The GBP/USD stays below the 200 SMA.


1408056157_GBPUSDH4.png


H1 chart: The GBP/USD is trying to form a bearish pattern below the resistance level of 1.6700, so this pair could fall to the support level of 1.6629. If the GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6578. The MACD indicator is in neutral territory and entering oversold area.


GBPUSDH1.png


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 1.6629, take profit is at 1.6578, and stop loss is at 1.6682.


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