20.02.201209:59 Forex Analysis & Reviews: GBP/USD. Weekly and Monthly Pivot Points, For 20 - 24, February 2012

Long-term review

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Daily chart: The GBP/USD is dealing with a breakout at the support level of 1.6326,the pair is likely to fall to the level of 1.6235. However, the GBP/USD could conduct a rebound at current levels to go up to the resistance level of 1.6447. The MACD indicator remains in positive territory.

H4 chart: The GBP/USD has formed another fractal near the support level of 1.6250, so this pair could rebound to try to make a climb back to where the 200 SMA is located in this chart. However, if the GBP/USD executes a breakout at the 1.6247 level, it would be expected to drop to the level of 1.6051. The MACD indicator remains in negative territory.

H1 chart: This pair is consolidating below the 200-day moving average, so this pair is trying to make a breakout at the support level of 1.6291 to fall to the level of 1.6252. On the other hand, if this pair makes a breakout at the resistance level of 1.6338, the next target would be the level of 1.6375. The MACD indicator is entering neutral 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 1.6338, take profit is at 1.6375, and stop loss is at 1.6299.

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