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FX.co ★ Daily analysis of GBP/USD for August 01, 2016

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Forex Analysis:::2016-07-31T21:47:41

Daily analysis of GBP/USD for August 01, 2016

The resistance zone of 1.3266 is still there and trying to push lower the pair to re-test the 200 SMA at H1 chart. However, we're still favouring the bullish bias on a short-term basis, because of the US dollar's weakness and eventually, GBP/USD can do a breakout above the 1.3266 level in order to test the 1.3375 level.

Daily analysis of GBP/USD for August 01, 2016

H1 chart's resistance levels: 1.3266 / 1.3375

H1 chart's support levels: 1.3148 / 1.3076

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 1.3266, take profit is at 1.3375 and stop loss is at 1.3155.

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