On the daily chart, GBP/USD did a breakout below the support level of 1.5543 and 200 SMA, a move which is currently giving momentum to the bears in order to consolidate, for at least in the mid-term. The support zone of 1.5450 could be tested again and if a breakout happens there, it would be expected to fall until the level of 1.5358.
The short term outlook is turning lower now, as the pair is consolidating below the 200 SMA on the H1 chart with a bearish pattern. If GBP/USD does a breakout on the support level of 1.5484, it could fall to the level of 1.5411 in coming hours. However, a rebound could happen at current levels, pointing to a test of the 200 SMA.
Daily chart's resistance levels: 1.5543 / 1.5640
Daily chart's support levels: 1.5450 / 1.5348
H1 chart's resistance levels: 1.5545 / 1.5587
H1 chart's support levels: 1.5484 / 1.5411
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 1.5484, take profit is at 1.5411, and stop loss is at 1.5557.
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 07, 2015 . Thanks for your support.
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