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01.02.201821:52 Forex Analysis & Reviews: Daily analysis of GBP/USD for February 02, 2018

Long-term review

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GBP/USD continues to trade in a bullish tone above the 200 SMA at the H1 chart and it seems we could expect a break above the 1.4280 level in order to allow further gains toward the 1.4393 zone. The bullish continuation is expected to hold for at least several days and the next target would be the 1.4393 level once it makes the breakout mentioned above.

H1 chart's resistance levels: 1.4280 / 1.4393

H1 chart's support levels: 1.4060 / 1.3937

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 1.4280, take profit is at 1.4393 and stop loss is at 1.4168.

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