For Traders

Analytical Reviews

Technical analysis

24.07.201402:41 Forex Analysis & Reviews: Daily analysis of GBP/USD for July 24, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Daily chart: The GBP/USD is close to touching the support level of 1.7000, as this pair has been very weak in recent days. Probably the GBP/USD begins to form a bearish pattern to try and make a breakout at that level, so that the next target would be the support level of 1.6851 in the medium term. The MACD indicator is in negative territory.

H4 chart: This pair is trying to make a rebound on the 200-day moving average, so probably the GBP/USD may consolidate above the resistance level of 1.7062 and up to 1.7179 level. However, the GBP/USD is forming a bearish pattern, so it could fall to the support level of 1.6995 in the coming hours. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has made a breakout at the support level of 1.7050 and now this pair is trying to fall to the support level of 1.7000. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the support level of 1.6950. The MACD indicator is moving into positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.7000, take profit is at 1.6950, and stop loss is at 1.7050.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.