Daily analysis of GBP/USD for August 03, 2017

The pair is waiting for the BoE’s interest rate decision scheduled for today and it’s currently hovering around the resistance zone of 1.3257. We should witness a breakout above it in order to reach the 1.3364 level, at which we could expect some consolidation moves. To the downside, the critical zone is placed at the 1.3129 level.

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

Source:: Daily analysis of GBP/USD for August 03, 2017