GBP/USD is still trading higher above the 200 SMA on the daily chart, finding strong dynamic support over there. That is why the upside is still a feasible option for this pair, at least in the mid-term. Also, bear in mind the overall structure remains bullish, but the resistance zone of 1.5640 is still rather strong. The MACD indicator is turning towards the neutral territory.
On the H1 chart, the pair is forming a bullish pattern above the 200 SMA and it is now looking to break the resistance level of 1.5633 again in order to test the zone around 1.5671. Anyway, a breakout above it will expose bulls strengthening in the short and mid-term, which could push the price higher to the key zone around 1.5750.
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 / 1.5671
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 1.5671, and stop loss is at 1.5594.
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 06, 2015 . Thanks for your support.
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