For Traders

Analytical Reviews

Technical analysis

18.04.201417:24 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 18, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Daily chart: The GBP/USD has made movements in low range above the support level of 1.6766, due to the low volatility that has occurred on holidays in various parts of the world. However, the bullish outlook remains alive, as this pair is forming a bullish pattern. The MACD indicator is in positive territory.

H4 chart: This pair has dropped to the support level of 1.6785, but in the last hours, the GBP/USD has made a bullish rebound that has allowed this pair to climb up to the resistance level of 1.6822. If GBP/USD manages to make a breakout at that level, it willwould be expected to rise to the level of 1.6900. The MACD indicator is in negative territory.

H1 chart: The GBP/USD remains above the 200 SMA and the support level of 1.6750, so the bullish bias continues to dominate this pair. Now, the GBP/USD is trying to make a breakout on the resistance level of 1.6800. If successful, it is 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.