29.05.201409:14 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 29, 2014

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Daily chart: The GBP/USD has made a breakout at the support level of 1.6766, so the bearish trend could extend for several days in this pair. If GBP/USD manages to make a breakout at the support level of 1.6663, it's expected to fall to the level of 1.6540. However, it is very likely that this pair begin to form a higher low pattern. The MACD indicator is in negative territory.

H4 chart: This pair has consolidated below the 200-day moving average, so it is very likely that the GBP/USD will make a bearish breakout through the trend line resistance there near the level of 1.6731. However, if the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6762. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has made a bullish rebound above the point of control that is formed at the support level of 1.6700. However, this could be the beginning of the formation of a bearish pattern. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6629. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6700, take profit is at 1.6629, and stop loss is at 1.6770.

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