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GBP/USD Technical Analysis For 18th August 2015, H4

GBP/USD Technical Analysis For 18th August 2015, H4 | 18 August 2015

18 August 2015, GBP/USD

Technical View:

GBP/USD is trading with a bearish bias. The pair successfully bounced off from its previously formed key level 1.5668 as we forecasted yesterday. It is anticipated that, as long as the pair trades below the level 1.5581, short positions are recommended but with a stop at 1.5524. In another case, should the price close above the key level 1.5581, long positions are recommended but with a stop at 1.5655.

Trading Recommendations

Wait for price to close below 1.5572, then sell the pair with a stop at 1.5524.

Bob Stan
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