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13.06.201403:03 Forex Analysis & Reviews: Daily analysis of GBP/USD for June 13, 2014

Long-term review

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Daily chart: GBP/USD has made a breakout again at the resistance level of 1.6851 and now this pair is trying to climb to the resistance level of 1.7000. This bullish momentum in GBP/USD could last for several more days, because this pair is trying to consolidate above the support level of 1.6851. The MACD indicator is in positive territory.

H4 chart: This pair is now trying to consolidate above the resistance level of 1.6920, after the GBP/USD has had a bullish momentum from the support level of 1.6822, which is close to the 200 SMA. If the GBP/USD make a breakout at the resistance level, it's expected to rise to the level of 1.69995. The MACD indicator is in positive territory.

H1 chart: The GBP/USD is trying to form a bullish pattern above the support level of 1.6900, so that next target for this pair is the resistance level of 1.6950. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7000. 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 1.6950, take profit is at 1.7000, and stop loss is at 1.6900.

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