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GBP/USD Technical Analysis For 4Th September 2015, H4

GBP/USD Technical Analysis For 4Th September 2015, H4 | 04 September 2015

04 September 2015, GBP/USD

Technical View:

GBP/USD is currently trading with a bearish Bias. The pair closed below our key level 1.5330 and is currently trading below it. It is anticipated that as long as the pair trades below this level, short positions are recommended but only up to the key level 1.5216. However, the pair may likely cross and close below the support trendline based on the steepness of the trndline. Should this be the case, the further movements below is expected. 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 1.5330 , short positions are recommended but only up to the support 1.5216. Should the current wave rally downwards and close below the support trendline based on the steepness of the trndline. Should this be the case, the further movements below is expected.

Bob Stan
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