25.10.201308:11 Forex Analysis & Reviews: GBPUSD: daily analysis for October 25, 2013

Long-term review

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Daily chart: This pair continues forming a lower high pattern below the resistance at the 1.6235 level. If GBPUSD manages to break that level, it would be expected to rise to the level of 1.6326, but this is now difficult, because this pair formed a fractal a couple of days ago. On the other hand, GBPUSD is consolidating in bullish trend, but it would not rule out a change in the trend. The MACD indicator remains in positive territory.

H4 chart: GBPUSD stays above the bullish trend line near the 1.6164 level. GBPUSD has formed some fractals that could curb future increases in the next few hours, but the bullish trend is still strong in this chart. If this pair manages to break the resistance level at 1.6262, the bullish trend is strengthened by a few days. The MACD indicator is entering neutral territory, so we must be cautious.

H1 chart: Again, this pair is consolidating above support at the level of 1.6170, after having made a bullish rebound near the 200-day moving average. If this pair manages to break the resistance level of 1.6216, it is expected to rise to the level of 1.6252. On the other hand, if the pair manages to break the support at the level of 1.6170, it is expected to drop to the level of 1.6117. 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 1.6216, take profit is at 1.6252, and stop loss is at 1.6179.

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