08.05.201408:43 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 08, 2014

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Daily chart: GBP/USD has made a bearish rebound at the resistance level of 1.7000, so far, this pair is forming a lower high pattern. Near that resistance level, the GBP/USD formed a fractal, which is part of the corrective movements in this pair. If GBP/USD manages to consolidate above the 1.7000 level, it's expected to rise to the level of 1.7169. The MACD indicator is in positive territory.

H4 chart: This pair is approaching the bullish trend line nearby the 1.6940 level, which could serve as support in the GBP/USD. However, if the pair manages to make a breakout in the trend line, it is expected to fall to the support level of 1.6900. On the other hand, if the pair manages to make a breakout at the level of 1.7050, at which one bullish trend line is, it's expected to rise to the level of 1.7150. The MACD indicator is in negative territory.

H1 chart: The GBP/USD is finding support at the 1.6950 level, where it is forming a point of control. If GBP/USD manages to make a breakout at the level of 1.6950, it's expected to fall to the level of 1.6900. However, the bullish outlook remains alive while the GBP/USD stays above the 200 SMA. MACD indicator is oversold.

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 1.7000, take profit is at 1.7050, and stop loss is at 1.6950.

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