02.06.201401:06 Forex Analysis & Reviews: Daily analysis of GBP/USD for June 02, 2014

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Daily chart: The GBP/USD has bullish momentum above the support level of 1.6663. This pair could make a breakout at the resistance level of 1.6766, so we must be careful when placing sell orders, as the GBP/USD may have more room to rise. The MACD indicator is in negative territory.

H4 chart: This pair is now forming a bullish pattern below the resistance level of 1.6762, so that the GBP/USD could conduct a breakout at that level to go up to where the 200 SMA is. However, it is also likely that the GBP/USD will make a pullback to fall back to the support level of 1.6731. The MACD indicator is in positive territory.

H1 chart: The GBP/USD has consolidated above the support level of 1.6750, so that the current direction of this pair points towards the 200 SMA, where the resistance level of 1.6800 is. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6850. The MACD indicator is in the overbought zone.

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 1.6750, take profit is at 1.6700, and stop loss is at 1.6800.

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