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17.04.201406:33 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 17, 2014

Long-term review

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Daily chart: GBP/USD has made a successful breakout at the resistance level of 1.6766, and now it is very likely that this pair will rise in the coming hours to the resistance level of 1.6851. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6700 in the medium term. The MACD indicator is still in positive territory.

H4 chart: GBP/USD is forming a bullish pattern above the support level of 1.6785. This bullish momentum is indicating that this pair would rise to the resistance level of 1.6900 in the coming hours. However, if the GBP/USD manages to make a breakout at the support level of 1.6785, it's expected to fall to the level of 1.6705. The MACD indicator is in positive territory.

H1 chart: This pair has consolidated above the 200 SMA and the nearest resistance level is at the level of 1.6850. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.6900. On the other hand, if the pair manages to make a breakout at the support level of 1.6800, it's expected to fall to the level of 1.6750. 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.

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