GBPUSD Daily Analysis for August 30, 2013

Daily chart: The GBPUSD is finding strong support on the level of 1.5506. If the pair manages to break that level, it is expected to fall to the level of 1.5407, below the 200 day moving average. For now, there is a possibility that the GBPUSD will do a bullish rebound on the current levels and the rises to the resistance level of 1.5642, since this has been finding support on the SMA 200. However, we must be very careful with this pair. The MACD indicator remains in negative territory.

 

H4 chart: The pair bounced off the 200 day moving average and now, this is trying to break the resistance level 1.5512. If the pair manages to break that level, it is expected to rise to the level of 1.5604. On the other hand, it is likely that the GBPUSD fall back to the support at 1.5436 level. It is very likely that the GBPUSD continue to rise, due to this rebound that has been conducted on the SMA 200, but we must be vigilant. The MACD indicator remains in neutral territory.

 

H1 chart: This pair has been unable to leave the area of the Point of Control (POC) and for this reason the GBPUSD continues within the range between 1.5534 and 1.5501 levels. If this pair does break the support at the level of 1.5501, it is expected to drop to the level of 1.5460. However, it is very likely that the GBPUSD try to consolidate above the resistance at the 1.5534 level and try to climb to the level of 1.5590. The MACD indicator remains in positive territory.

 

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 1.5501, take profit is at 1.5460, and stop loss is at 1.5541.

Source: www.instaforex.com

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