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29.04.201405:51 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 29, 2014

Long-term review

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Daily chart: The GBP/USD had a bullish momentum that allowed it to climb to the resistance level of 1.6851. If the pair manages to make a breakout at that level, the GBP/USD could be consolidated in bullish bias for several more days. However, caution should be exercised when placing orders in this pair as they remain within the low range. The MACD indicator is in the overbought zone.

H4 chart: This pair remains above the 200 SMA and the support level of 1.6785. During yesterday's session, the GBP/USD attempted to make a breakout on the resistance level of 1.6841 but failed. Now this pair is trying to make a breakout at the level of 1.6822. If successful, it is expected to rise to the level of 1.6841. The MACD indicator is in neutral territory.

H1 chart: The GBP/USD made a bearish rebound in the resistance level of 1.6850 which has formed a point of control. Now, this pair has made a bullish rebound at the support level of 1.6800. If the pair manages to make a breakout on the resistance level of 1.6850, it's expected to rise to the level of 1.6900. 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.

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