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Daily analysis of GBP/USD for August 04, 2017

GBP/USD plummeted following BoE's decision to keep rates unchanged. The pair is now trading under pressure around the 200 SMA zone at H1 chart and it could provide some kind of dynamic support. However, as long as the bears keep active in the Sterling, one could expect another decline to test the 1.3058 level.

GBPUSDH1.png

H1 chart's resistance levels: 1.3257 / 1.3364

H1 chart's support levels: 1.3129 / 1.3058

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3257, take profit is at 1.3364 and stop loss is at 1.3154.

The material has been provided by InstaForex Company - www.instaforex.com
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