Daily chart: During yesterday's session, the pair had no significant movements, as it moved within a low range without forming patterns that could confirm a change in trend. Our bullish outlook is still very much alive in this pair, since the fractal formed near the level of 1.6447 offers very good support. Anyway, if this pair comes to have a bullish momentum at present levels, it would be expected to rise to the level of 1.6663. The MACD indicator is still in positive territory.
H4 chart: The GBP/USD stays below the resistance level of 1.6592. Now this pair is finding support on the bullish trend line near the 1.6560 level. If this pair manages to break the resistance level of 1.6592, which is expected to rise to the level of 1.6644, it is very likely since the GBP/USD remains above the 200 SMA. The MACD indicator is entering negative territory.
H1 chart: The GBP/USD was consolidated over the level of 1.6578, but the pair found resistance below the 1.6629 level and now, it is trying to find support on the point of control near the 1.6564 level. It is very likely that this pair will fall to the level of 1.6544. However, if this pair manages to break the resistance level of 1.6578, it is expected to rise to the level of 1.6629. GBP/USD remains above the 200 SMA and the MACD indicator continues in negative territory.
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 1.6578, take profit is at 1.6629, and stop loss is at 1.6526.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/USD for January 29, 2014 . Thanks for your support on Daily analysis of GBP/USD for January 29, 2014
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