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17.02.201502:37 Forex Analysis & Reviews: Daily analysis of GBP/USD for February 17, 2015

Long-term review

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The Monday session was supposed to be a slow one for the GBP/USD pair, but in fact the bearish bias took the control again of this pair for a while. However, currently, our targets still remain on the upside at the resistance level of 1.5491. The current moves could deliver a bullish pattern on the daily chart. The MACD indicator is still on the positive territory.

At the moment, we're watching the support level of 1.5348 is being tested. In case the GBP/USD pair performs a breakout to the downside, the next target could be the 1.5301 level, where the 200 SMA is currently located on the H1 chart, that is also pointing upwards. We're still bullish on this pair in an intraday outlook. The MACD indicator is in the negative territory.

Daily chart's resistance levels: 1.5491 / 1.5761

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5378 / 1.5413

H1 chart's support levels: 1.5348 / 1.5301

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 1.5378, take profit is at 1.5413, and stop loss is at 1.5297.

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