GBP/USD Technical Analysis For 20th August 2015, H4 | 20 August 2015

Technical View:

GBP/USD is trading with a bullish bias. The pair s likely to trade on the higher ranges today, Thus, as long as the pair trades above the key level 1.5650, long positions are recommended. Since the pair broke above its consolidation, it is expected that the price will continue moving up to to the key level 1.5899 to for a double top. In an alternative case, should the price move below the key support, 1.5643, short positions are recommended but with a stop at the support trend line.

Trade recommendations.

As long as the pair trades above the key level 1.5643, long positions are recommend. If you haven't bought GBP already, wait for it to bounce from the level 1.5643 or 1.5650, then buy upto the 61.8% fib level