Daily analysis of GBP/USD for September 01, 2016

GBP/USD is performing a rebound and hovering to consolidate above the 200 SMA on the H1 chart. A strong resistance lies at the 1.3170 level which should open doors towards the 1.3258 level. As long as the pair remains inside this range, we can expect sideways moves to be alive until this Friday's US non-farm payrolls data. Next support is located at the 1.3085 zone.


H1 chart's resistance levels: 1.3170 / 1.3258

H1 chart's support levels: 1.3085 / 1.3003

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 1.3170, take profit is at 1.3258 and stop loss is at 1.3085.

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