Daily analysis of GBP/USD for August 10, 2016

GBP/USD has been trading into a bearish bias during Tuesday’s session and now it’s looking to consolidate below the 1.3000 psychological handle. The overall structure is still pointing to the downside and 200 SMA is bearish. As long as the Cable remains below that, then we can expect a decline towards the 1.2894 level.

GBPUSDH1.png

H1 chart’s resistance levels: 1.3085 / 1.3148

H1 chart’s support levels: 1.3000 / 1.2894

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 1.3000, take profit is at 1.2894 and stop loss is at 1.3106.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review

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