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GBP/USD Technical Analysis For 26th August 2015, H4

GBP/USD Technical Analysis For 26th August 2015, H4 | 26 August 2015

26 August 2015, GBP/USD

Technical View
GBP/USD is currently trading with a bearish Bias. The pair bounced off from a key resistance level 1.58000, and is currently headed short. As long as the pair trades below this level, short positions are recommended, but with a stop at 1.5644, and the next stop at the support trend line. These downward movement can also be supported by the fact that, the technical inductor, intraday stochastic is trading below its neutrality level 50. The downward movement is however expected to be short lived up to 1.5644. In case the pair closes below the lower support trend line, short positions are further recommended.

Trade recommendations

As long as the pair trades below 1.58000, short positions are recommended but with a stop at 1.5644. Anyone willing to buy the pair should wait for price to bounce off around 1.5665 and 1.56447

Bob Stan
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