Daily analysis of GBP/JPY for August 26, 2015 Market Analysis Review

Overview

Intraday bias in GBP/JPY remains neutral for more sideway consolidations. So far, price actions from 195.86 are viewed as a consolidation pattern and we will still expect strong support from 61.8% retracement of 174.86 to 195.86 at 182.88 to contain downside. However, a sustained break of 182.88 will open up bearishness in the cross and will bring a deeper fall to the 174.86 key support level.

The uptrend from 116.83 is still in progress and would target the 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. The medium-term momentum is not too convincing with bearish divergence condition in the weekly MACD. We'd be cautious in the medium term topping around 200 and bring a deep correction. Meanwhile, a break of 174.86 will suggest that the trend has reversed earlier than we expect.

Daily Pivots: (S1) 185.02; (P) 187.50; (R1) 188.94;

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Daily analysis of SILVER for August 26, 2015 Market Analysis Review

Overview

Silver price traded negatively yesterday to break 14.70 level and settle below it, which activates the negative scenario that its would test the previously reached low at 14.36 initially. A breakout of it would represent the key to extending the bearish wave towards 12.80. The EMA50 applies negative pressure that supports an expected decline in the upcoming period, which will remain valid and active unless the price managed to breach 15.05 followed by 15.60 and hold above them.

In general, the bearish trend scenario is valid and active unless witnessing a clear breakout and stability above the levels of 15.05 and 15.60.

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EUR/NZD : analysis for August 26, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7862. The price has spiked 1,000 pips since our last analysis but it created the strong sign of weakness and big supply presure. In the daily time frame, we can observe that sellers started to sell actively around the level of 1.8685. Now, this is a strong sign of weakness. Consider only selling opportunities after retracement. Potential profit targets are 1.7330, 1.6930, and 1.6260. The intraday trend is downward. According to the M5 time frame, we did not get any demand bars (weak demand).

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7956

R2: 1.8085

R3: 1.8289

Support levels:

S1: 1.7545

S2: 1.7420

S3: 1.7215

Trading recommendations: Watch only for selling opportunities after retracement.

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Intraday technical levels and trading recommendations for GBP/USD for August 26, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which provided evident supply for the GBP/USD pair.

As anticipated, a bearish pullback towards the level of 1.5550 took place. Temporary, the bearish breakout below the key level of 1.5500 took place on July 5.

Last week, strong bearish pressure was applied to the level of 1.5550 again. It was broken down temporarily until the last week when the weekly bullish engulfing candlestick was expressed.

Contradictory signals are coming from consecutive weekly candlesticks. This indicates market indecision above the price levels of 1.5500.

However, the previous weekly candlestick closure above 1.5500 hinders further bearish decline and enhanced the bullish side of the market initially towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

On the other hand, the current weekly candlestick should be monitored by the end of the day to determine if the weekly closure persists above 1.5780 (Supply Level) or below.

The nearest demand level around 1.5200 will become exposed when the GBP/USD bears manage to bring the market price below the level of 1.5500 again.

Previously, the zone of 1.5800-1.5880 acted as a significant supply. It offered a valid sell entry few weeks ago. All T/P levels were successfully reached.

On the other hand, the level of 1.5550, which corresponds to 50% Fibonacci level and the previous prominent top, was temporarily broken allowing further bearish decline towards 1.5350 where an ascending bottom was recently established.

The level of 1.5500 constitutes a significant key level to watch for. It corresponds to the short-term uptrend line depicted on the chart.

However, evident bullish pressure was applied at 1.5450 on August 7. A bullish engulfing daily candlestick was expressed by the end of the day.

The nearest supply/resistance levels for the GBP/USD pair to meet are located around the levels of 1.5770 (prominent 61.8% Fibonacci level) where significant bearish rejection was expressed.

A valid sell entry was suggested for retesting of 1.5770 on Monday. It is running in profits now.

Moreover, the bearish movement towards 1.5470 and 1.5370 should be anticipated when GBP/USD bears manage to push the pair below 1.5500 (Fibonacci 50% level) successfully.

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USD/CAD intraday technical levels and trading recommendations for August 26, 2015 Market Analysis Review

Overview:

When bulls pushed the price further above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs), resulting in ower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

A daily fixation below 1.2300 opened the way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Successive higher lows were reached. Bullish pressure was applied against the resistance levels at 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick was quite bullish. That is why, an extensive bullish movement is seen on the chart.

A bullish breakout above the zone of 1.2770-1.2800 has been executed.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be expected. Bulls are approaching this level today.

Bearish corrective movement towards the level of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep defending the current Fibonacci Expansion zone at 1.3270-1.3300.

On the other hand, bearish persistence below 1.3050 is needed to expose the next support level around 1.2910 and then 1.2800 where long-term buy entries can be considered.

Trading recommendations:

Conservative traders should wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level constitutes a strong support.

Stop Loss should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

On the other hand, risky traders can sell the USD/CAD pair at the current levels (anywhere around 1.3270) with S/L to be located above 1.3360.

T/P levels to be located at 1.3200 and 1.3050.

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GBP/USD intraday technical levels and trading recommendations for August 26, 2015 Market Analysis Review

Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. This is where the ongoing bullish swing was initiated.

A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered traders few valid sell entries (depicted with red arrows). The final bearish target at 1.5450 was already reached.

Recently, strong bullish pressure was applied against the resistance levels around 1.5800 via a recent bullish swing.

That is why, the resistance level at 1.5800 was temporarily breached. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900 where the depicted Head and Shoulders pattern was initiated.

The level of 1.5555 (prominent demand level/depicted uptrend line) got breached last month due to excessive bearish pressure. It enhanced the bearish side of the market towards 1.5360 where the most recent bullish swing was initiated aiming towards the level of 1.5800.

As anticipated, a daily fixation above 1.5690 (the upper limit of the consolidation range) hinders this bearish scenario for some time. This exposed a breakout projection target at 1.5800 before further bearish decline can be achieved.

A valid sell entry with a low risk/reward ratio was suggested around the levels of 1.5780-1.5800. It is already running in profits now.

Note that the fixation below the zone of 1.5550-1.5500 (mid-line of the range) is mandatory to pursue towards lower bearish targets at 1.5450 and 1.5350.

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Technical analysis of AUD/USD for August 26, 2015 Market Analysis Review

Overview:

• According to the previous events, the AUD/USD pair is still moving below the resistance levels of 0.7240 and 0.7193.
• It should be noted that today's trading recommendations will have an effect in the long term.
• Also, we have to remember that history will probably repeat itself at this level again.
• Sell below the level of 0.7193 with the first target at 0.7089, then it will be continued towards 0.7060 in order to test the strong support.
• Moreover, notice that the double bottom had already been placed at the level of 0.7045 in the H1 chart if the trend fails to close below the double bottom. Consequently, buy above the level of 0.7045 with targets at 0.7150 and 0.7190.

Notes:

• The key level is set at 0.7138.
• We expect a range between the levels of 0.7090 and 0.7193 today.
• Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might be invalidated.

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Technical analysis of GBP/USD for August 26, 2015 Market Analysis Review

Overview:

• The weekly pivot point of the GBP/USD pair has set at the level of 1.5685 this week. Now it is acting as strong resistance. As it is known, sellers ask for a high price. Therefore, the first key level will set at 1.5720 and the second key level will set at 1.5685 on August 26, 2015. It should remind that the levels of 1.5720/1.5685 represent resistance. For that the GBP/USD pair is expacted to move between 1.5720/1.5685 and 1.5603. Additionally, it should be noted that the range will be about 91 pips today. We expect that the trend is going to call for the bearish market from the level of 1.5685 because it has clearly indicated downward direction this morning. As a result, selling at the level of 1.5685 with the first target at 1.5622 might resume to 1.5585 in order to test the weekly support 1. On the other hand, your stop loss should be placed above the level of 1.5720. It will be helpful to set it at the level of 1.5745 this week.

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Gold: analysis for August 26, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,133.22. According to the daily time frame, we can observe a strong supply bar in a high volume. I had placed diagonal trendline and the price stoped extacly on it. Our Fibonacci retracement 50% at the level of $1,155.00 was successfully held. Our trading range got broken and support level at $1,145.00 failed to hold. Watch only for selling opportunities after retracement. We got support levels at $1,125.00 and $1,112.00. In the background, we got strong sign of weakness (supply came in), which is a sign that this can be turning point in the mid-term prospect.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,151.00

R2: 1,156.00

R3: 1,165.00

Support levels:

S1: 1,134.35

S2: 1,129.00

S3: 1,120.80

Trading recommendations: The strong sign of weakness is in the background. Watch only for selling opportunites after retracement.

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Global macro overview for 26/08/2015 Market Analysis Review

Global macro overview for 26/08/2015:

The People's Bank of China (PBOC) hast cut the main interest rate for the fifth time since November 2014 overnigh and the equity sell-off might be stopped at least for now. The market participants must now wait and see if this government directed easing policies will make any difference for the world's second largest economy. On the other hand, the Fed funds are pricing a 21% chance of a Fed rate hike in September, which is down 29% from 50% chance before last Thursday's FOMC meeting minutes release. The Chinese stock market turmoil and overall troubles are postponing the rate hike in the US to at least December 2015.

After a five-day decline, the US Dollar Index has found a needed support and closed above the level of 93.13 yesterday. Currently, the golden trendline is being tested from the downside and only a sustained breakout back above the 95.00 level would put bulls back into the game.

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Gold technical analysis for August 26, 2015 Market Analysis Review

The gold price has pulled back as expected but it stays above a very important support. A confluence of short-term Fibonacci retracements is at the $1,130-35 area which provides support for the gold price. The short-term trend remains bullish as long as the price is above this area.

Blue area - support

The gold price is trading above the 4-hour chart Ichimoku cloud and above the confluence of the Fibonacci retracements relative to the $1,110 and $1,080 lows. The gold price reversed lower from $1,170 and is now testing support. So a break below this support will be a bearish sign. A bounce from the current levels will find resistance at $1,150.

The weekly candle got rejected at the 61.8% Fibonacci retracement and is pulling back to test the tenkan-sen (red indicator). A weekly close below this indicator will be a bearish signal for the medium term. The long-term trend remains bearish as the price remains below the weekly Ichimoku cloud.The material has been provided by InstaForex Company - www.instaforex.com

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Global macro overview for 26/08/2015 Market Analysis Review

Global macro overview for 26/08/2015:

There is an important news release from the US scheduled at 12:30pm today regarding the Durable Goods Orders for the month of July. The market expects a decline in the orders to the level of 0.4% m/m vs. +3.4% m/m prior. This indicates a 3% decline, which might look like a rather big tumble. However, if we look at this kind of data dynamics, we can see a cyclical 2-3 month 0.4%-0.5% decline since a big drop in August 2014, so it is nothing unusual for this data. Nevertheless, a bigger-than-expected decline (like double the range) would have definitely iinfluence the global markets causing a further decline in dollar prices.

The EUR/USD rate has managed to go as high as the level of 1.1718 (which is an upper golden channel boundary) and currently is testing the support at the level of 1.1470. Next support comes at the level of 1.1215 and resistance is at the level of 1.2000 (round-number psychological level).

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USDX technical analysis for August 26, 2015 Market Analysis Review

The US Dollar index made a strong bounce above our short-term target yesterday. The price moved above the 38% Fibonacci retracement but got rejected by the kijun-sen resistance. The trend remains bearish and, I believe, it is more probable we see new short-term lows before the start of the next bullish move to new highs.

The US Dollar index has found resistance at the kijun-sen (yellow indicator) and got rejected. In order for the index to move higher we need to see at least a 2-hour close above 94.58. If it happens, we could see the price bounce towards 95.35 at least. Support is at 93.56. If it is broken, I expect to see 92.

Red line - resistance

Green line- support

The weekly chart shows the formation of a bullish flag. Bulls want a breakout above the red resistance line. Cloud support is below the price and underpins the longer-term bullish trend. Eventually, I believe, we shall see a breakout to new highs. Support is found around the 92 level where, in my opinion, is a good entry level for longs.

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Technical analysis of USD/JPY for August 26, 2015 Market Analysis Review

USD/JPY is expected to trade in a lower range. US stocks posted a choppy session overnight, rising amid signs of stabilization in the European markets and the rate cut by China's central bank, but tumbling in the final minutes of trading. The Dow Jones Industrial Average shed another 1.3% to close at 15,666, the S&P 500 dropped 1.4% to 1,867, while the Nasdaq Composite fell 0.4% to 4,506. Crude oil rebounded 2.8% to close at $39.31 a barrel. And 10-year Treasury yield climbed about 2% from 1.997% in the previous session. Meanwhile, the US dollar recovered some lost ground against the euro and the Swiss franc and strengthened against commodity currencies (CAD, AUD and NZD), but it was still a bit weak against the yen. Regarding USD/JPY, the pair remains under pressure and is heading towards the first downside target at 118.20. The 20-period intraday moving average (MA) has crossed below the 50-period one, while the intraday RSI stays within the selling area between 50 and 30. The second downside target is set at 117.10 (seen on Monday's plunge). Only a break above the key resistance at 120.55 would turn the intraday outlook bullish.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 118.25. A break of that target will move the pair further downwards to 117. The pivot point stands at 120.55. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.30 and the second target at 122.35.

Resistance levels: 121.30 122.35 123

Support levels: 118.25 117 116.20

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Technical analysis of USD/CHF for August 26, 2015 Market Analysis Review

USD/CHF is expected to trade with a bullish bias above 0.9375. Currently trading at 0.9417, the pair is challenging its major support at 0.9375. As long as this threshold is not broken, the intraday outlook remains positive. As the momentum indicator RSI is turning up, and the 50-period MA still acts as a support. The pair is still moving towards higher highs and higher lows on an intraday basis, therefore, above 0.9375 look for a new bounce to 0.9505 and 0.9550 (highs reached on August 25) in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9505 and the second target at 0.9550. In the alternative scenario, short positions are recommended with the first target at 0.9245 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.92. The pivot point is at 0.93.

Resistance levels: 0.9505 0.9550 0.96

Support levels: 0.9245 0.92 0.9160

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Technical analysis of NZD/USD for August 26, 2015 Market Analysis Review

NZD/USD is expected to trade with a bearish bias below the key resistance at 0.6555. The pair remains under pressure below its key resistance at 0.6555, and seems more likely to post further decline. The intraday RSI indicator is still negative below its neutral area at 50. Furthermore, a bearish cross between the 20- and 50-period MAs has been identified, confirming a bearish outlook. As long as 0.6555 holds on the upside, we expect a new pullback towards 0.6450 and 0.6425.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6450. A break of that target will move the pair further downwards to 0.6425. The pivot point stands at 0.6555. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.660 and the second target at 0.6630.

Resistance levels: 0.660.6630 0.6685

Support levels: 0.6450 0.6425 0.6375

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Technical analysis of GBP/JPY for August 26, 2015 Market Analysis Review

GBP/JPY is expected to trade in a lower range. The pair stays below its key resistance at 188.45 and remains under pressure. The descending 50-period intraday MA keeps a bearish bias. The intraday RSI stays below 50 lacking upward momentum. The first target to the downside is therefore set at the horizontal support and overlaps at yesterday's low at 186.25. A break below this level would open the way to further weakness towards the low of 184.90 hit on August 24. Only a break above the key resistance at 188.45 would call for further upside towards yesterday's high at 190 first.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 168.25. A break of that target will move the pair further downwards to 184.90. The pivot point stands at 188.45. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further upside. According to that scenario, long positions are recommended with the first target at 190.02 and the second target at 191.10.

Resistance levels: 190.02 191.10 192.10

Support levels: 186.25 184.90 184

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Technical analysis of EUR/JPY for August 26, 2015 Market Analysis Review

General overview for 26/08/2015 08:30 CET

After bouncing from the weekly pivot support at 136.50 the market went back into the neutral zone. The current price action is very choppy and full of whipsaws, moreover, the Elliott wave count is indicating a possible continuation of this complex and time-consuming pattern. The most important level is the intraday resistance at the level of 138.94 as only a clear breakout higher would invalidate the bearish outlook for now. One more leg down is expected with a bottom below the wave Y brown low at the level of 136.01.

Support/Resistance:

139.65 - WR1

138.94 - Intraday Resistance

138.34 - Weekly Pivot

137.78 - WS1

137.05 - Intraday Support

Trading recommendations:

Day traders should refrain from trading due to lack of a clear trading pattern.

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Technical analysis of USD/CAD for August 26, 2015 Market Analysis Review

General overview for 26/08/2015 08:20 CET

After another high was reached, the count has been slightly changed to incorporate a new alternative labeling. Currently, the upward wave development looks like an uncompleted Ending Diagonal pattern in wave v blue, where two last sub-waves are missing. The alternative count is still indicated however more complex and time-consuming wave iv purple correction labeled as wave WXY brown. Please notice that the target projection for wave v blue might reach the weekly pivot resistance at the level of 1.3434.

Support/Resistance:

1.3434 - WR3

1.3352 - Intraday Resistance

1.3312 - WR2

1.3296 - Intraday Support

1.3264 - WR1

1.3144 - Weekly Pivot

Trading recommendations:

Swing traders should consider closing long-term buy orders or move the trailing stop loss orders up to the level of 1.3211.

Daytraders should refrain from trading due to lack of a clear trading pattern.

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Technical analysis of EUR/USD for August 26, 2015 Market Analysis Review

When the European market opens, no economic news is expected to be released, but the US will unveil data about Crude Oil Inventories, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1608.

Strong Resistance:1.1610.

Original Resistance: 1.1590.

Inner Sell Area: 1.1579.

Target Inner Area: 1.1552.

Inner Buy Area: 1.1525.

Original Support: 1.1514.

Strong Support: 1.1503.

Breakout SELL Level: 1.1496.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for August 26, 2015 Market Analysis Review

In Asia, Japan will release the Core Durable Goods Orders m/m and the US will publish some economic data on Crude Oil Inventories, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.63.

Resistance. 2: 119.40.

Resistance. 1: 119.17.

Support. 1: 118.88.

Support. 2: 118.64.

Support. 3: 118.41.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of major pairs for August 26, 2015 Market Analysis Review

EUR/USD: This pair rallied on Monday and went downwards on Tuesday. This means that the bullish effort, that was first made this week, has been challenged. The bullish outlook, nevertheless, is still rational, based on the price action in the chart. Further upwards journey is therefore anticipated.

USD/CHF: This pair went upwards on Tuesday after plunging on Monday. That means that losses which we saw on Monday were recouped on Tuesday. However, the general bias remains bearish: the EMA 11 is below the EMA 56 while the Williams % Range period 20 is still at the oversold territory. It is possible that further southward movement would be witnessed.

GBP/USD: A large pullback had taken place, but it failed to violate the current bullish outlook on the market. The bullish outlook could be invalidated only if the price goes below the accumulation territory at 1.5650. Otherwise, a short-term bullish recovery is anticipated.

USD/JPY: The USD/JPY pair moved largely sideways yesterday (in a choppy mode). The bearish outlook is intact and it is not sensible to go long in the market; unless the price goes above the supply level at 122.00. The price is generally expected to continue going further downwards.

EUR/JPY: The EUR/JPY cross is now volatile and the bearish effort in the chart has led to a violation of the recent bullish bias. A test of the demand zone around 136.00 could result in a strong Bearish Confirmation Pattern on the chart.

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Daily analysis of USDX for August 26, 2015 Market Analysis Review

The daily chart shows an effort of consolidation above the 200 SMA, after the index failed to break out below the support zone of 93.00. The USDX also tested the resistance level of 94.59, which is the level that could be broken in order to reach the next zone of interest for sellers around the level of 95.26.

On the H1 chart, the USDX recovered some losses at the weekly opening. The USDX will look for an opportunity to break the resistance level of 94.71 in order to reach the 200 SMA in this time frame, but bear in mind that the current structure is still calling for the downside. The MACD indicator is entering the negative territory.

Daily chart's resistance levels: 94.59 / 95.26

Daily chart's support levels: 93.71 / 93.00

H1 chart's resistance levels: 93.78 / 94.39

H1 chart's support levels: 93.18 / 92.73

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is seen at 93.78, take profit is at 93.18, and stop loss is at 94.39.

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Daily analysis of GBP/USD for August 26, 2015 Market Analysis Review

On the daily chart, GBP/USD performed a pullback to the resistance level of 1.5761, after bullish momentum which this pair had recived in the beggining of the week. That is why we should be aware of a possible test around the level of 1.5640, where the pair could do another rebound. The MACD indicator is still at positive territory.

The pair is forming a lower low pattern below the resistance level of 1.5715. Currently, it is looking for strong dynamic support at the 200 SMA in the H1 chart. This could give another bullish breath to the pair in order to ride the overall bullish trend. The upside road shows that the resistance levels are found at 1.5715 and 1.5763. The MACD indicator becomes oversold.

Daily chart's resistance levels: 1.5761 / 1.5881

Daily chart's support levels: 1.5640 / 1.5543

H1 chart's resistance levels: 1.5715 / 1.5763

H1 chart's support levels: 1.5680 / 1.5632

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 seen at 1.5715, take profit is at 1.5763, and stop loss is at 1.5665.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for August 26, 2015 . Thanks for your support.