GBP/USD Technical Analysis For 27th August 2015, H4 | 27 August 2015
27 August 2015, GBP/USD
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Technical View
GBP/USD is currently trading with a bearish Bias. The pair successfully crossed a key level 1.5665, and even crossed and closed below the two trendline. The current wave in a corrective move upwards back to the now resistance trendline. As long as the pair trades below this level, short positions are recommended but with a stop at 1.5419, and the second stop at 1.5300. This downward movement is likely to continue as long as EUR/USD is trading below 1.1384, and US dollar index is trading above 94.95. The latter is highly negatively correlated with GBP/USD, but is strongly positively correlated with EUR/USD.
Trade Recommendations
As long as the pair trades below the Resistance trendline, short positions are recommended. However, should price close above this Resistance trendline, long positions are recommended, but with a stop at the next Resistance trendline.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
