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GBP/USD Technical Analysis For 28th August 2015, H4

GBP/USD Technical Analysis For 28th August 2015, H4 | 28 August 2015

28 August 2015, GBP/USD

Technical View:
GBP/USD is currently trading with a bullish bias. The pair crossed below our support trend line and is currently trading below the 23.6% fib level. It is anticipated that the current corrective wave will rally upwards only up to the 23.6% fib level. Traders willing to sell at this fib level should ensure that, at the same time the pair is trading at this level, the US dollar index is showing a clear sell signal around 96.13. The two are highly negatively correlated and are expected to move opposite one another. However, should the price move upwards and close above the 23.6% fib level, and also above the now resistance trend line, long positions are recommended.
Trade Recommendations:

As long as the pair trades below the 23.6% fib level, short positions are recommended but with a stop at 0.0% fib level, or the support level 1.5369. Any clear movements below this level will signal further movements below.

Bob Stan
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