GBP/USD Technical Analysis For 14th August 2015, H1 | 14 August 2015

Technical View:

GBP/USD is trading with a bullish bias. The pair remains on the upper side of its previous day's key level 1.56037. As long as the pair keeps above this level, long positions are recommended with the first stop at 1.56340 and a second stop at 1.56494. Besides, the technical indicator stochastic is stands bullish at above its neutral level 50. In an alternative situation, should the price move below 1.56037, our first sell stop should be at 1.55821 and the second stop at 1.55361.

Trade Recommendations:

Wait for a clear bounce from the level 1.56037, then buy with a stop at 1.56340 and 1.56494. Alternative wait for the price to bounce from the resistant trendline then sell the pair with the first stop at 1.55821, and a second stop at 1.55361.