On the daily chart, GBP/USD has been trading below the resistance level of 1.5640, looking for an opportunity to reach new weekly highs, but the pair is likely to remain moving sideways until a breakout over that zone takes place. There are higher swings still to be done and bullish momentum could arise in the next week.
Again, the cable found dynamic support at 200 SMA in the H1 time frame without having presented the currrent intraday bearish bias, which has been formed since July 29. That is why we expect more upside moves. For that happen,a breakout at the level of 1.5664 should bee seen. The MACD indicator slightly is at positive territory.
Daily chart's resistance levels: 1.5640 / 1.5777
Daily chart's support levels: 1.5543 / 1.5450
H1 chart's resistance levels: 1.5633 / 1.5664
H1 chart's support levels: 1.5587 / 1.5562
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5633, take profit is at 1.5664, and stop loss is at 1.5602.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for July 31, 2015 . Thanks for your support.
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