Wave Analysis by InstaForex

Technical analysis of USD/JPY for July 22, 2015

USD/JPY is expected to consolidate with bullish bias. USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 97.96 versus 97.66 early Friday) on a larger-than-expected 9.8% on-month increase in the US June housing starts (versus forecast +7.1%), while +0.3% US June CPI (matching forecast) bolstered expectations that the Federal Reserve will begin tightening its policy this year. USD/JPY is also supported by the Bank of Japan's ultra-loose monetary policy, reduced safe-haven appeal of the yen as investor risk aversion recedes (VIX fear gauge eased 1.32% to 11.95; S&P 500 closed up 0.11% at 2,126.64 Friday) amid easing concerns about Greece and signs of stabilization in China stock markets. But USD sentiment is dented by the weaker-than-expected US July preliminary University of Michigan consumer sentiment index of 93.3 (versus forecast 95.5). USD/JPY upside is also limited by the profit-taking on short JPY positions and buy-yen orders from Japan's exporters. Technical comment: The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter one is at overbought levels. Five-day moving average is above 15-day moving average and is advancing. Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 124.35 and the second target at 124.60. In the alternative scenario, short positions are recommended with the first target at 123.70 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 123.35. The pivot point is at 123.90.

Resistance levels: 124.35 124.60 124.90
Support levels: 123.70 123.35 123

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Technical analysis of EUR/USD for July 27, 2015

When the European market opens, economic news Private Loans y/y, M3 Money Supply y/y, German Ifo Business Climate, and German Import Prices m/m is due. The US will release data about Durable Goods Orders m/m and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1025.
Strong Resistance:1.1019.
Original Resistance: 1.1008.
Inner Sell Area: 1.1997.
Target Inner Area: 1.0972.
Inner Buy Area: 1.0947.
Original Support: 1.0936.
Strong Support: 1.0925.
Breakout SELL Level: 1.0919.

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Daily analysis of GBP/USD for July 28, 2015

On the daily chart, GBP/USD is trading slightly bullish, but it is still ins the zone around the 200 SMA. We should expect a rally towards the resistance zone of 1.5640 and also, a higher continuation towards new highs. However, if a pullback take place at currentl evels, it would be expected to test the support zone of 1.5450.

GBP/USD found a strong bottom around the level of 1.5502 and now it is trading above the 200 SMA on the H1 chart. There is a resistance level of 1.5568 still to be broken during this bullish road, but eventually, the pair could trade higher again in order to reach new highs. We should expect a bullish consolidation for the mid-term when GBP/USD moves above that moving average again.

Daily chart's resistance levels: 1.5543 / 1.5640
Daily chart's support levels: 1.5450 / 1.5332
H1 chart's resistance levels: 1.5568 / 1.5594
H1 chart's support levels: 1.5524 / 1.5502

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 1.5568, take profit is at 1.5594, and stop loss is at 1.5542.

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Technical analysis of EUR/USD for July 30, 2015

When the European market opens, economic data on the Italian 10-y Bond Auction, ECB Economic Bulletin, German Unemployment Change, Spanish Flash GDP q/q, Spanish Flash CPI y/y, and German Prelim CPI m/m is due. The US will publish data on Natural Gas Storage, Advance GDP Price Index q/q, Unemployment Claims, and Advance GDP q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1034.
Strong Resistance:1.1028.
Original Resistance: 1.1017.
Inner Sell Area: 1.1006.
Target Inner Area: 1.0981.
Inner Buy Area: 1.0966.
Original Support: 1.0945.
Strong Support: 1.0936.
Breakout SELL Level: 1.0929.

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Technical analysis of USD/JPY for August 03, 2015

In Asia, Japan will release data on the Final Manufacturing PMI. The US will publish economic news about Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Personal Income m/m, ersonal Spending m/m, and Core PCE Price Index m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:
Resistance. 3: 124.61.
Resistance. 2: 124.36.
Resistance. 1: 124.12.
Support. 1: 123.83.
Support. 2: 123.58.
Support. 3: 123.34.

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Technical analysis of EUR/USD for August 04, 2015

When the European market opens, some data on the PPI m/m and Spanish Unemployment Change is due.The US will release data on the Loan Officer Survey, IBD/TIPP Economic Optimism, and Factory Orders m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1004.
Strong Resistance:1.0998.
Original Resistance: 1.0987.
Inner Sell Area: 1.0976.
Target Inner Area: 1.0951.
Inner Buy Area: 1.0926.
Original Support: 1.0915.
Strong Support: 1.0904.
Breakout SELL Level: 1.0898.

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EUR/USD Technical Levels and Trading Recommendations for August 5, 2015

When the European market opens, economic data on Retail Sales m/m, Italian Industrial Production m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI is due. The US will unveil data about Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.0937.
Strong Resistance:1.0931.
Original Resistance: 1.0920.
Inner Sell Area: 1.0909.
Target Inner Area: 1.0884.
Inner Buy Area: 1.0859.
Original Support: 1.0848.
Strong Support: 1.0837. Breakout SELL Level: 1.0831.

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USD/CAD intraday technical levels and trading recommendations for August 5, 2015

Overview: When bulls pushed the price further above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of successive lower highs (within the depicted consolidation zone) enhancing the bearish side of the market. Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend). Bullish support was found around these levels. Successive higher lows were established. Bullish pressure was applied against the resistance levels of 1.2450 and 1.2500 (previous tops). On the other hand, the previous weekly candlestick came frank bullish. That is why, an extensive bullish movement is seen on the chart. A bullish breakout above the price zone of 1.2770-1.2800 has been executed. Earlier, signs of lacking bullish momentum were manifested on the chart. A bearish corrective movement was initiated towards the levels of 1.2900-1.2850. However, a new bullish swing is taking place today, especially after Friday's bullish engulfing candlestick. The long-term bullish projection target would be located at the level of 1.3270 if enough bullish support is maintained.

Trading recommendations: Traders can wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the Breakout level constitutes the recent support. Stop Loss should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Technical analysis of AUD/USD for August 7, 2015

Trading recommendations: As it is known, sellers are asking for a higher price as well as buyers are looking for a lower price. Therefore, the first key level will set at 0.7420. The second key level will set at 0.7380 today. Equally important, the AUD/USD pair has been trading between 0.7420 and 0.7283. Additionally, it should be noted that the range was about 76 pips today and around 173 till next week. Furthermore, the trend was very clear and was indicating downtrend. We expect that the trend is going to call for a bearish market at the level of 0.7420 in the H1 chart (last top). As a result, sell at the level of 0.7420 with the first target at 0.7314. It might resume to 0.7283 in order to test the support. Also, it should be noted that the double bottom will set at 0.7234. On the other hand, your stop loss should be placed above the level of 0.7420, Thus, it will be helpful to set it at the level of 0.7463.

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Daily analysis of USDX for August 10, 2015

On the daily chart, the USD index made a pullback. Now it's testing the support level of 97.57. On the daily chart, we can see the bullish bias could be facing a key zone which will make the USDX retest new lows on a weekly basis because the resistance level of 98.29 remains very strong against the current bullish bias the index is following.

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Technical analysis of USD/JPY for August 10, 2015

USD/JPY is expected to trade with bullish bias. With the US dollar index traded at 97.712, the greenback has failed to hold its gains made immediately after the US government reported last Friday that non-farm sector added 215K jobs in July (vs +225K expected, +223K in June). Even though the robust number suggests that the Federal Reserve could raise interest rates this year, traders expect rate increases to be slow, and the US dollar's upside is limited. USD/JPY broke above its previous key support at 124.45 and remains upside. The 20-period intraday moving average is below the 50-period one, while the intraday RSI stays within the selling area between 50 and 30. So, even though a continuation of a technical rebound cannot be ruled out, its extent should be limited. The key resistance is set at 124.45 and the first upside target at 125.25 (around last Friday's low). The second downside target is set at further support at 125.60. Technical comment: The daily chart is positive-biased as stochastics is bullish, the MACD histogram bars are turned positive. Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 125.25 and the second target at 125.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 124.30. A break of this target would push the pair further downwards, and one may expect the second target at 124.10. The pivot point is at 124.45.

Resistance levels: 125.25 125.60 126
Support levels: 124.30 124.10 123.70

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USDX technical analysis for August 12, 2015

The Dollar index is testing the important short-term support level of 97. The Dollar index has made a bearish reversal towards trend line support but bulls continue to hold the upper hands. As long as price is above 97, bulls should feel safer.

Red line - resistance
Green line - support

The Dollar index has pulled back towards 97 area as expected and tested the Ichimoku cloud and the green trend line. Trend remains bullish but with some reversal signs. Bulls will be in danger if we see a daily close below 97. The double top at 98.20 is not a good sign for the next couple of weeks.

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Daily analysis of GBP/USD for August 13, 2015

GBP/USD remains trapped inside the range between the 1.5640 and 1.5450 levels on the daily chart, but the slightly bullish bias is still alive. However, 200 SMA on this time frame seems to be neutral and that means the pair will try to find a solid road soon in order to continue trading higher or lower, but this stage is crucial.

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Daily analysis of major pairs for August 14, 2015

EUR/USD: The bullish signal on the EUR/USD pair is still intact. The EMA 11 is above the EMA 56 and the Williams' % Range period 20 is not too far from the overbought region. This means there is a Bullish Confirmation Pattern in the market: the outlook is bullish.

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Elliott wave analysis of EUR/NZD for August 17 - 2015

Technical summary:
We continue to look for a b-wave rally to 1.7198 and maybe even higher to 1.7273 as the break above 1.7077 indicates that an expanded flat correction is unfolding. Therefore, we are looking for minor support in the 1.6890 - 1.6910 area for a move higher to 1.7198 before wave c lower to 1.6581 should be expected.
At this point, only a break below 1.6890 will confuse the picture, but only a break below support at 1.6756 will tell that wave c lower to 1.6581 already is developing.

Trading recommendation:
We are looking for a selling opportunity at 1.7185.

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Technical analysis of USD/CAD for August 18, 2015

General overview for 18/08/2015 09:30 CET
The 1-1 geometry between the waves a and c purple has been missed by 3 pips, nevertheless the corrective cycle in wave a green (alt:X brown) has been completed. Currently the corrective cycle in wave b green (alt:Y brown) continues. The key level for today is the intraday resistance at the level of 1.3156. Any breakout higher would be viewed as temporary bullish.

Support/Resistance:
1.3156 - Intraday Resistance
1.3079 - Weekly Pivot
1.3058 - Intraday Support
1.2975 - WS1

Trading recommendations: Daytraders should consider opening sell orders from the level of 1.3156 with tight SL (10-15 pips) and TP at the level of 1.3100.

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Daily analysis of USDX for August 20, 2015

USDX is performing some pullbacks and extending the correction below the 96.57 level. The daily chart is still showing an alive bullish bias, but the Index seems to be prepared to extend the corrections towards new monthly lows, as the USDX reached extreme zones. 200 SMA is still bullish and MACD indicator is on the negative territory.

On H1 chart, USDX found dynamic resistance around the 200 SMA and the index is finding strong bottom at the support level of 96.37. That's why we should expect a breakout of that level, towards the 96.04 zone. We should expect a bearish trend which could last for the short and at mid term. MACD indicator remains on the negative territory.

Daily chart's resistance levels: 96.57 / 97.57
Daily chart's support levels: 95.50 / 94.59
H1 chart's resistance levels: 97.37 / 97.62
H1 chart's support levels: 96.88 / 96.37

Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.37, take profit is at 96.04, and stop loss is at 96.72.

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GBP/USD intraday technical levels and trading recommendations for August 21, 2015

Overview: On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. This is where the ongoing bullish swing was initiated. A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29. The next bullish swing extended up to the levels of 1.5750-1.5800, which offered traders few valid SELL entries (depicted with red arrows). The final bearish target at 1.5450 was already reached. Recently, strong bullish pressure was applied against the resistance levels around 1.5800 via the ongoing bullish swing. That is why, the resistance level at 1.5800 was temporarily breached. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900 where the depicted Head and Shoulders pattern was initiated. The level of 1.5555 (prominent demand level/depicted uptrend line) got breached earlier last month due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360. However, a bullish pullback towards 1.5600 was expected to take place shortly after, as suggested in the previous articles. Our SELL entry which was suggested around 1.5600 got triggered two weeks ago. An early exit should be considered if the current daily candlestick closes above 1.5690 (the upper limit of the consolidation range) . A better SELL entry with a lower risk/reward ratio may be offered around the price level of 1.5780 if enough bullish pressure is expressed above 1.5690 (the current price level). Note that fixation below the price zone of 1.5550-1.5500 (mid-line of the consolidation range) is mandatory to pursue towards lower bearish targets at 1.5450 and 1.5350. It confirms the Triple-Top reversal pattern depicted on the chart. On the other hand, daily fixation above 1.5690 (the upper limit of the consolidation range) hinders this bearish scenario for some time. This probably exposes the breakout projection target at 1.5800 before further bearish decline can be achieved.

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Intraday technical levels and trading recommendations for GBP/USD for August 21, 2015

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which provided evident supply for the GBP/USD pair. As anticipated, a bearish pullback towards the level of 1.5550 took place. Temporary bearish break out below the GBP/USD key level at 1.5500 took place on July 5. Last week, strong bearish pressure was applied to the level of 1.5550 again. It was broken down temporarily until the last week when the weekly bullish engulfing candlestick was expressed. Contradictory signals are coming from consecutive weekly candlesticks. This indicates market indecision above the price levels of 1.5500. However, the previous weekly candlestick closure above 1.5500 hinders further bearish decline and enhances the bullish side of the market at least towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level). On the other hand, the current weekly candlestick should be monitored by the end of the current day to determine if the weekly closure persists above 1.5500 or below. The nearest demand level around 1.5200 will become exposed only if the GBP/USD bears manage to bring the market price below the level of 1.5500 again (low probability).


Previously, the zone of 1.5800-1.5880 acted as significant supply. It offered a valid sell entry few weeks ago. All T/P levels were successfully reached. On the other hand, the level of 1.5550, which corresponds to 50% Fibonacci level and a previous prominent top, was temporarily broken allowing further bearish decline towards 1.5350 where an ascending bottom was recently established. The level of 1.5500 constitutes a significant KEY level to watch for. It corresponds to the short-term uptrend line depicted on the chart. However, evident bullish pressure was applied at 1.5450 on August 7. A bullish engulfing daily candlestick was expressed by the end of the day. The nearest supply levels to meet the GBP/USD pair are located around the price levels of 1.5660 (multiple daily highs) and 1.5770 (prominent 61.8% Fibonacci level) where bearish rejection should be anticipated. The price reaction should be watched at retesting price levels around 1.5770 (61.8% Fibonacci level). A valid SELL entry can be offered there. On the other hand, the bearish scenario towards 1.5470 and 1.5370 should only be anticipated if the GBP/USD bears manage to push again below 1.5500 successfully (low probability).

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Daily analysis of GBP/USD for August 24, 2015

On the daily chart, bullish tone remains untouched with GBP/USD, because the pair is looking to break the resistance zone of 1.5761 higher during this week. Besides, the cable is still supported by the 200 SMA, which is also giving the current bullish momentum to this pair. There could be some pullbacks, but the rally is strong.

Resistance level of 1.5715 is the near-term target that pair is looking to break in order to continue trading in favor of the bullish bias. Next interest zone is located around the 1.5763 level. However, at least during this week, GBP/USD could test again the 200 SMA and perform a rebound to ride again the bullish trend.

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.

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Daily analysis of GBP/USD for August 24, 2015

On the daily chart, bullish tone remains untouched with GBP/USD, because the pair is looking to break the resistance zone of 1.5761 higher during this week. Besides, the cable is still supported by the 200 SMA, which is also giving the current bullish momentum to this pair. There could be some pullbacks, but the rally is strong.

Resistance level of 1.5715 is the near-term target that pair is looking to break in order to continue trading in favor of the bullish bias. Next interest zone is located around the 1.5763 level. However, at least during this week, GBP/USD could test again the 200 SMA and perform a rebound to ride again the bullish trend.

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.

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Technical analysis of USD/JPY for August 24, 2015

USD/JPY is expected to trade in a lower range. The US dollar and stocks were impacted by fears about the global growth, particularly those concerning China. The Dow Jones Industrial Average tumbled 3.1% to close at 16459, the S&P 500 plunged 3.2% to 1970, while the Nasdaq Composite dropped 3.5% to 4706.04. Having declined 10% from its recent high, the DJIA is now in correction territory, and its loss of more than 1,000 points last week was the largest weekly decline since October 2008. Crude oil touched as low as $39.86 a barrel before finishing at $40.45, down 2.1% on the day, while gold gained 0.7% to $1160 per ounce. Safe-haven buying of US government bonds pushed down the 10-year Treasury yield to 2.052% - the lowest level since April - from 2.084%. The US dollar plunged against most major currencies as traders became more doubtful about whether the US Federal Reserve will hike interest rates next month. The greenback lost over 1% against the euro and the yen. Regarding USD/JPY, the pair posted strong downward momentum after breaking below both the 120.00 and 119 levels. Both the declining 20- and 50-period intraday moving averages are maintaining the bearish bias. And the intraday RSI is capped by a declining trendline. As long as 120.55 holds as the key resistance, the pair is expected to head towards the first downside target at 117 .

Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 121.30. A break of that target will move the pair further downwards to 122.35. The pivot point stands at 120.55. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.30 and the second target at 122.35.
Resistance levels: 121.30 122.35 123
Support levels: 117 116.20 115.65

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Technical analysis of USD/JPY for August 24, 2015

USD/JPY is expected to trade in a lower range. The US dollar and stocks were impacted by fears about the global growth, particularly those concerning China. The Dow Jones Industrial Average tumbled 3.1% to close at 16459, the S&P 500 plunged 3.2% to 1970, while the Nasdaq Composite dropped 3.5% to 4706.04. Having declined 10% from its recent high, the DJIA is now in correction territory, and its loss of more than 1,000 points last week was the largest weekly decline since October 2008. Crude oil touched as low as $39.86 a barrel before finishing at $40.45, down 2.1% on the day, while gold gained 0.7% to $1160 per ounce. Safe-haven buying of US government bonds pushed down the 10-year Treasury yield to 2.052% - the lowest level since April - from 2.084%. The US dollar plunged against most major currencies as traders became more doubtful about whether the US Federal Reserve will hike interest rates next month. The greenback lost over 1% against the euro and the yen. Regarding USD/JPY, the pair posted strong downward momentum after breaking below both the 120.00 and 119 levels. Both the declining 20- and 50-period intraday moving averages are maintaining the bearish bias. And the intraday RSI is capped by a declining trendline. As long as 120.55 holds as the key resistance, the pair is expected to head towards the first downside target at 117 .

Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 121.30. A break of that target will move the pair further downwards to 122.35. The pivot point stands at 120.55. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.30 and the second target at 122.35.
Resistance levels: 121.30 122.35 123
Support levels: 117 116.20 115.65

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Daily analysis of GBP/USD for August 26, 2015

On the daily chart, GBP/USD performed a pullback to the resistance level of 1.5761, after bullish momentum which this pair had recived in the beggining of the week. That is why we should be aware of a possible test around the level of 1.5640, where the pair could do another rebound. The MACD indicator is still at positive territory.

The pair is forming a lower low pattern below the resistance level of 1.5715. Currently, it is looking for strong dynamic support at the 200 SMA in the H1 chart. This could give another bullish breath to the pair in order to ride the overall bullish trend. The upside road shows that the resistance levels are found at 1.5715 and 1.5763. The MACD indicator becomes oversold.

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: 1.5680 / 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 seen at 1.5715, take profit is at 1.5763, and stop loss is at 1.5665.

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Daily analysis of GBP/USD for August 26, 2015

On the daily chart, GBP/USD performed a pullback to the resistance level of 1.5761, after bullish momentum which this pair had recived in the beggining of the week. That is why we should be aware of a possible test around the level of 1.5640, where the pair could do another rebound. The MACD indicator is still at positive territory.

The pair is forming a lower low pattern below the resistance level of 1.5715. Currently, it is looking for strong dynamic support at the 200 SMA in the H1 chart. This could give another bullish breath to the pair in order to ride the overall bullish trend. The upside road shows that the resistance levels are found at 1.5715 and 1.5763. The MACD indicator becomes oversold.

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: 1.5680 / 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 seen at 1.5715, take profit is at 1.5763, and stop loss is at 1.5665.

More analysis - at instaforex.com