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08.04.201405:50 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 08, 2014

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Daily chart: The GBP/USD continues to consolidate above the support level of 1.6540 where the bullish trend line is. Now, it is very likely that this pair will attempt to climb to the resistance level of 1.6663. However, we must be careful when placing buy orders below this level, since the GBP/USD could perform a bearish rebound. The MACD indicator is entering neutral territory.

H4 chart: This pair has made a bullish rebound above the support level of 1.6583 and the 200 SMA. GBP/USD is likely to try to rise to the resistance level of 1.6644. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6667. The MACD indicator is in positive territory.

H1 chart: The GBP/USD is facing resistance at the POC that has been formed at the 200-day moving average, so it is very likely that this pair will fall to the support level of 1.6578. If the pair manages to make a breakout at the support level, it is expected to fall to the level of 1.6544. On the other hand, if the pair manages to make a breakout on the resistance level of 1.6629, it's expected to rise to the level of 1.6700. The MACD indicator is entering neutral 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 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.

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