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GBP/USD Technical Analysis For 17th August 2015, H4

GBP/USD Technical Analysis For 17th August 2015, H4 | 17 August 2015

17 August 2015, GBP/USD

Technical View

GBP/USD is trading with a bearish bias. The pair remains below its previous key resistant level 1.55668. On the other hand, the intraday stochastic is moving above its exhaustion level 80. As long as the pair remains below this key levels, short positions are recommended. In an alternative scenario, should the price crash through the level 1.5566, long positions are recommended with the first stop at 1.57401, and the second stop at 1.57859.

Critical Observations:

On the daily charts, the level 1.55668 has held the market for more than a months. Breaking this level therefore signals a further uptrend.

Trade Recommendations:

The pair is trading below its previous days key pivot level 1.56552, as long as the rate closes below this level, short positions are recommended, with the first stop at 1.55817 and the second stop at 1.55248.

Bob Stan
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