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GBP/USD Technical Analysis For 2th August 2015, H4

GBP/USD Technical Analysis For 2th August 2015, H4 | 24 August 2015

24 August 2015, GBP/USD

Technical Analysis
GBP/USD the pair is trading with a bullish bias. The pair failed to reach our target major support 1.5900. Thus, as long as the pair trades below this level, long position are recommended. However, should price close below 1.5652 and also below the immediate support trend line, short positions are recommended but up to the next support trend line, any movement below this trend line will signal further movement downwards. Right now though we expect an upward corrective move.

Correlation analysis

In the past business week, GBP/USD had a moderate positive correlation of +0.68 with EUR/USD, and a strong high Correlation of -0.72 with USD/JPY, these levels of correlation are expected to continue for the better part of the current week

Trading Recommendations.

As long as the pair trades above 1.5652, and below 1.5900, long positions are recommended, any strong impulse movements below the level 1.5652, will signal further movements below
Bob Stan
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