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13.02.201505:17 Forex Analysis & Reviews: Daily analysis of GBP/USD for February 13, 2015

Long-term review

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Another bullish day for the GBP/USD pair during the session on Thursday, where the pair was trying to ride on the way for reach the resistance level of 1.5491. The above-mentioned was done thanks to a completed formation of a bullish pattern above the support level of 1.5247. We could expect a more bullish rally towards the resistance level of 1.5491.

Currently, the GBP/USD pair is forming a higher high pattern above the support level of 1.5378 with a solid resistance located at the level of 1.5413. Now, we want to see more bullish momentum on this pair in an intraday outlook, but remember that the MACD indicator is showing us overbought levels. The 200 SMA is also bullish.

Daily chart's resistance levels: 1.5491 / 1.5761

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5413 / 1.5526

H1 chart's support levels: 1.5378 / 1.5348

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 1.5413, take profit is at 1.5526, and stop loss is at 1.5297.

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