The daily chart remains bullish, as the pair is trying to make another swing higher above the resistance zone of 1.5640, which would lead to the test of 1.5777. While GBP/USD remains above 200 SMA in this time frame, that outlook will work, but be cautious anyway with intraday pull backs.
On the H1 chart, GBP/USD was very volatile during last Friday, as the pair tried to consolidate above the resistance level of 1.5664. However, we should expect a pullback towards the 200 SMA at current levels, which is located in the support zone of 1.5587. The intraday outlook remains bullish.
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 August 03, 2015 . Thanks for your support.
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