09.07.201403:01 Forex Analysis & Reviews: Daily analysis of GBP/USD for July 09, 2014

Long-term review

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Daily chart: The GBP/USD pair continues forming a bullish pattern below 1.7169 level. Now, this pair could make a pullback, because there is not enough power to run a breakout at that resistance level. However, the GBP/USD pair is likely to have strong movements during the Thursday session. The MACD indicator is in the overbought zone.

H4 chart: This pair has formed a fractal next to the 1.7085 level. Now, the GBP/USD pair is trying to make a bullish breakout again in the trend line which is at the level of 1.7165. If successful, it is expected to rise to the level of 1.7250 in the short term. The MACD indicator is entering the neutral territory.

H1 chart: The GBP/USD pair fell to the support the level of 1.7100. There, this pair made a bullish rebound, which also formed a point of control. For now, the GBP/USD pair is likely to rise to the resistance level of 1.7150. If the pair manages to consolidate above this level, it would be expected to rise to the level of 1.7200. The MACD indicator is in the 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 1.7150, take profit is at 1.7200, and stop loss is at 1.7100.

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