13.03.201403:38 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 13, 2014

Long-term review

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Daily chart: The GBP/USD continues to fall in the current bullish bias as this pair stays below the 1.6663 level; therefore, the GBP/USD is forming a bearish pattern. If the pair manages to make a breakout at the 1.6590 level, it's expected to fall to the support level of 1.6540. On the other hand, it is expected to rise to the level of 1.6663 if the pair takes a bullish rebound to current levels. The MACD indicator is still in negative territory.

H4 chart: The GBP/USD remains above the 200 SMA, and a few hours ago, the pair formed a fractal below the support level of 1.6583. If this pair takes a bullish rebound at current levels, it is expected to rise to the resistance level of 1.6644. On the other hand, if the pair manages to make a breakout at the 1.6583 level, it's expected to fall to the level of 1.6550. The MACD indicator is oversold.

H1 chart: This pair made a bullish rebound above the support level of 1.6578 and now this pair is trying to make a breakout at the resistance level of 1.6629. If successful, it is expected to rise to the level of 1.6700. On the other hand, if the pair manages to make a breakout at the support level of 1.6578, it's expected to fall to the level of 1.6544. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.

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