28.04.201405:33 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 28, 2014

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Daily chart: GBP/USD starts a decisive week as this pair has moved within a low range above the support level of 1.6766. The overall trend is bullish in the GBP/USD, but this could change if the pair manages to support a breakout at that level. On the other hand, if the pair manages to make a breakout at the level of 1.6851, the bullish bias could last for several weeks. The MACD indicator is in the overbought zone.

H4 chart: This pair has made a bearish rebound at the resistance level of 1.6822 and now, the GBP/USD is trying to find support at the 1.6785 level. However, if the pair manages to make a breakout at that level, it would be expected to fall to a bullish trend line, which is close to the level of 1.6730. The MACD indicator is in negative territory.

H1 chart: The GBP/USD is trying to stay above the 200-day moving average, but the strength of the bears is increasingly present. However, it is likely that this pair will make a bullish rebound above that level. If successful, it is expected to rise to the resistance level of 1.6800. For now, caution should be exercised when placing sell orders. The MACD indicator is in negative 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 1.6800, take profit is at 1.6850, and stop loss is at 1.6750.

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