10.04.201406:06 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 10, 2014

Long-term review

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Daily chart: This pair has consolidated above the support level of 1.6766 after the GBP/USD has successfully performed a breakout at that level. It is very likely that this pair will rise to the resistance level of 1.6851. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7000. The MACD indicator is in positive territory.

H4 chart: The GBP/USD has consolidated above the bearish trend line near to the 1.6730 level. If the pair manages to make a breakout on the resistance level of 1.6822, it's expected to rise to the level of 1.6950 in the medium term. However, if the pair manages to make a breakout in the support level of 1.6785, it's expected to fall to the level of 1.6730. The MACD indicator is in positive territory.

H1 chart: The GBP/USD has made a breakout at the 1.6750 level where it has formed a point of control and now this pair is forming a lower high pattern above that level. If the pair manages to make a breakout on the resistance level of 1.6800, it's expected to rise to the level of 1.6850. The MACD indicator is in positive 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 1.6800, take profit is at 1.6850, and stop loss is at 1.6750.

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