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19.06.201404:05 Forex Analysis & Reviews: Daily analysis of GBP/USD for June 19, 2014

Long-term review

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Daily chart: The GBP/USD remains alive in the bullish outlook, as this pair continues trying to make a breakout on the resistance level of 1.7000. If successful, it is expected to rise to the level of 1.7169, which would be quite decisive for the development of the current bullish trend in the GBP/USD. The MACD indicator is in positive territory.

H4 chart: This pair is now trying to make a breakout on the resistance level of 1.6995 for further progress in the bullish bias. If successful, the next target would be the bullish trend line that is located at the 1.7130 level. For now, we recommend caution when placing sell orders. The MACD indicator is in neutral territory.

H1 chart: The GBP/USD made a bullish rebound above the support level of 1.6950 and now this pair is trying to make a breakout at the level of 1.7000. If successful, it is expected to go up to the level of 1.7050. However, it is very likely that this pair make a pullback at current levels. 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 1.7000, take profit is at 1.7050, and stop loss is at 1.6950.

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