FX.co ★ Daily analysis of GBP/USD for August 21, 2015

GBP/USD is still alive in the bullish bias and the focus is at the resistance level of 1.5761, where we should expect a pullback on the daily chart. In coming days, maybe the pair will try to form another higher high pattern for a bullish continuation towards new highs.

On H1 chart, the pair again found dynamic support over the 200 SMA. So GBP/USD is looking to trade until the resistance level of 1.5715, where a breakout should happen in order to test the next important resistance around the 1.5763 level. The short-term outlook is still calling to the upside. MACD indicator is on the positive territory.

Daily chart's resistance levels: 1.5761 / 1.5881

Daily chart's support levels: 1.5640 / 1.5543

H1 chart's resistance levels: 1.5715 / 1.5763

H1 chart's support levels: 1.5679 / 1.5632

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5715, take profit is at 1.5763, and stop loss is at 1.5666.