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GBP/USDTechnical Analysis for 13th August 2015

13 August 2015, GBP/USD

Technical View

The pair is trading above its previous day's resistant. It is anticipated that the price will continue to trade at such a higher range as long as it stays above this resistant level. In that case, long positions are recommended with a stop at 1.5649 and another target at 1.5676. In an alternative case, should the price shift below its resistant, we expect a stop at the support formed by the trend line. A break below this support will signal further movements lower to 1.55590.

Trade Recommendations:

As long as the pair trades above this resistant long positions are recommended with a stop at 1.5652 and 1.5649. Traders willing to sell this pair should wait for a clear break out below the support trend line.

Graham Osano
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