01.10.201401:57 Forex Analysis & Reviews: Daily analysis of GBP/USD for October 01, 2014

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On the daily chart, the GBP/USD pair has made a pullback at the resistance level of 1.6235, as this pair is pretty weak below the 200-day moving average, after filling the bullish gap some days ago. Now, the GBP/USD pair performed a rebound near the support level of 1.6146, so probably GBP/USD starts forming a bearish pattern. Keep in mind also that the resistance level of 1.6447 is quite strong.

Daily chart's resistance levels: 1.6235 - 1.6326

Daily chart's support levels: 1.6146 - 1.6046

We can see that in the H1 chart, GBP/USD had a significant fall pinch under the 1.6216 level. So, that the GBP/USD pair is trying to form a lower low pattern. If this pair manages to consolidate above the level of 1.6216, the next target upside would be the resistance level of 1.6252, while the weak still present is maintained in GBP/USD, because the SMA 200 is maintained at the level of 1.6290. The MACD indicator is moving into the positive territory, which could strengthen the bullish bias.

H1 chart's resistance levels: 1.6252 – 1.6216

H1 chart's support levels: 1.6170 – 1.6117

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.6170, take profit is at 1.6117, and stop loss is at 1.6223.

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