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11.06.201402:57 Forex Analysis & Reviews: Daily analysis of GBP/USD for June 11, 2014

Long-term review

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Daily chart: The GBP/USD has made a breakout in the support level of 1.6766, so it is very likely that this pair fall to the support level of 1.6663 in the coming days. However, these current movements can be an indicator that the GBP/USD is forming a bullish pattern. However, the bearish outlook remains alive. The MACD indicator is in neutral territory.

H4 chart: The GBP/USD is consolidating below the resistance level of 1.6762 and the 200 day moving average, so the next target in the fall of this pair is the support level of 1.6731. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the support level of 1.6692. The MACD indicator is in negative territory.

H1 chart: This pair has had a fall below the 200 SMA and the point of control that is formed on the resistance level of 1.6800. However, the GBP/USD still has a chance to make a bullish rebound in the support level of 1.6750 to continue rising. The MACD indicator is oversold.

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 1.6750.

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