Daily Trading Report for GBP/USD by CharmerCharts

Cable just failed again on the topside, but we have stayed within a range, and because of the August holiday season we need to stay within defined parameters and play the range.. So far we have lost ground to 1.5678 and we know there is support at 1.5665/60.

We would advise anyone to cover shorts to these lower levels. We have been here before and the market has bounced off this support. So it is prudent to cover positing. However we will be ready to re-sell a break below 1.5660 as a break below here should provoke another wave of sellers to 1.5630/20 where we would be looking to take profits.

Any bounce from 1.5660 however should hold the 1.5730/45 resistance band and here is where we would be taking profits.

Only above 1.5755 would we see fresh buyers come back in the market for 1.5775/83