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15.04.201404:39 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 15, 2014

Long-term review

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Daily chart: This pair remains below the resistance level of 1.6766, but remember that the GBP/USD is making corrective movements, so that the decline could extend to the support level of 1.6663 for the week. If this pair makes a breakout at that level, it would be expected to fall to the level of 1.6585. The MACD indicator is in positive territory.

H4 chart: The GBP/USD continues to fall below the 1.6785 level and there is support at the bearish trend line. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6683. On the other hand, it is very likely that this pair will make a bullish rebound at current levels, so we must be cautious. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has made a bullish rebound above the 200-day moving average, which is close to the support level of 1.6700. It is likely that the corrective phase intraday has finished in this pair at this level, so that the GBP/USD could continue to rise in the coming days. We must be aware of a breakout in the resistance level of 1.6750. The MACD indicator is in neutral 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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