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GBP/USD Technical Analysis For 27th August 2015, H4

GBP/USD Technical Analysis For 27th August 2015, H4 | 27 August 2015

27 August 2015, GBP/USD

Technical View
GBP/USD is currently trading with a bearish Bias. The pair successfully crossed a key level 1.5665, and even crossed and closed below the two trendline. The current wave in a corrective move upwards back to the now resistance trendline. As long as the pair trades below this level, short positions are recommended but with a stop at 1.5419, and the second stop at 1.5300. This downward movement is likely to continue as long as EUR/USD is trading below 1.1384, and US dollar index is trading above 94.95. The latter is highly negatively correlated with GBP/USD, but is strongly positively correlated with EUR/USD.

Trade Recommendations

As long as the pair trades below the Resistance trendline, short positions are recommended. However, should price close above this Resistance trendline, long positions are recommended, but with a stop at the next Resistance trendline.

Bob Stan
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