05.02.201502:41 Forex Analysis & Reviews: Daily analysis of GBP/USD for February 05, 2015

Long-term review

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Bulls continue pushing the GBP/USD pair up on the daily chart, because the pair reached the resistance level of 1.5247. The odds are very high in the way that the GBP/USD pair could perform a breakout at that level with a target placed on the upside road at 1.5491. Besides, the support zone of 1.5025 has concentrated strong bullish force last weeks.

On the H1 chart, the GBP/USD pair got in touch with the resistance level of 1.5249, which is a new monthly high level. Now, the pair retraced below the level of 1.5211 to continue forming a bullish pattern. If the GBP/USD pair makes a breakout in that zone, it would be expected to reach the resistance level of 1.5249. At the moment, bulls are getting stronger, because the 200 SMA is pointing upwards.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5211 / 1.5249

H1 chart's support levels: 1.5161 / 1.5110

Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5211, take profit is at 1.5249, and stop loss is at 1.5172.

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