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GBP/USD Technical Analysis For 31st August 2015, H4

31 August 2015, GBP/USD

Technical View:
GBP/USD is currently trading with a bearish bias. The pair went down as we forecasted last week and even touched our key level 1.5369, the pair then corrected itself upwards and is currently trading around 1.5433, but is still trading below the 23.6% fib level. It is anticipated that, as long as the pair trades below this fib level, long positions should be encouraged only upto this fib level. Any movements above this fib level will signal further movements upwards upto the now Resistance trend and even to the 38.2% fib level. However, in case the price manages to close below 1.5369, short positions are recommended.
Trade recommendations:

If you haven't bought the pair already, then buy it above the 23.6% fib level, or you may wait and sell it below the 1.5369. As a precaution, traders trading this pair should also observe other pairs such as USD/CAD for anti correlation, the latter is highly negatively correlated to GBP/USD

Graham Osano
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