FX.co ★ Daily analysis of GBP/USD for August 11, 2016

Cable is in a bearish mode and looking to consolidate again below the 1.3000 psychological level, following a false breakout around the 1.3085 level. We would like to see another decline to the 1.2894 level, where the bulls are waiting in an attempt to resume the bullish momentum. However, the targets are still bearish on a short-term basis.

H1 chart's resistance levels: 1.3085 / 1.3148

H1 chart's support levels: 1.3000 / 1.2894

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3000, take profit is at 1.2894 and stop loss is at 1.3106.