FX.co ★ Daily analysis of GBP/USD for August 15, 2016

GBP/USD is posting new lows across the board, consolidating below the resistance zone of 1.3000 and it looks like that a breakout could happen at the support level of 1.2894. If the Cable manages to do it, then we can see a decline towards the 1.2798 level. However, we should see the price action's development during first days, as we can see a rebound to re-test the 1.3000 psychological level.

H1 chart's resistance levels: 1.3000 / 1.3085

H1 chart's support levels: 1.2894 / 1.2798

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 1.2894, take profit is at 1.2798 and stop loss is at 1.2987.