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09.04.201405:07 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 09, 2014

Long-term review

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Daily chart: GBP/USD had a bullish momentum that allowed it to make a breakout on the resistance level of 1.6663 and now this pair has consolidated above that level. Now this pair is trying to make a breakout in the resistance level of 1.6766. If successful, it is expected to rise to the level of 1.6851. The MACD indicator is in positive territory.

H4 chart: The GBP/USD is consolidating above the bearish trend line near to the 1.6730 level and now it is very likely that this pair will rise to the resistance level of 1.6785. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6822. The MACD indicator is entering overbought area.

H1 chart: This pair is forming a lower high pattern above the support level of 1.6700. At current levels, it is forming a point of control. If GBP/USD manages to make a breakout on the resistance level of 1.6750, it's expected to rise to the level of 1.6800. On the other hand, it's expected to fall to the level of 1.6700 if the pair takes a bearish rebound to current levels. The MACD indicator is in negative territory.

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 1.6750, take profit is at 1.6800, and stop loss is at 1.6700.

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