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GBP/USD Technical Analysis For 3rd September 2015, H4

GBP/USD Technical Analysis For 3rd September 2015, H4 | 03 September 2015

03 September 2015, GBP/USD

Technical View:
GBP/USD is currently trading with a bearish bias. The pair continues to trade below the key level 1.5369. As long as the pair trades below this level, short positions are recommended. We however anticipate that the current wave should rally upwards only up to the level 1.5333 before continuing short. In case the price closes above the level 1.5333, traders should also wait for it to close above the 1.5369, then buy. Traders trading this pair should also observe closely NZD/USD, this pair has a moderate positive correlation of +0.61 with GBP/USD. Only buy if both pairs are giving the same clear signal.
Trade Recommendations.

As long as the pair trades below the 1.5369, short positions are recommended but only up to the support 1.5188. Should the current wave rally upwards and close above the 1.5369, then long positions are recommended.

Bob Stan
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