Daily chart: Although the FOMC meeting was held yesterday, the GBP/USD has not significantly changed so that to change the current trend. For now, the GBP/USD continues to find strong support at the 1.6540 level, so it is very likely that this pair has a bullish momentum in the coming days to climb to the resistance level of 1.6663. The MACD indicator is still in positive territory.
H4 chart: This pair continues to find support on the bullish trend line and is very likely to be the confirmation of the strength of the bullish trend in the GBP/USD. However, any breakout below the level of 1.6516 is seen to be an opening for bearish to the support path at the level of 1.6483. Moreover, if this pair manages to break the resistance level of 1.6644, it is expected to rise to the level of 1.6700. The MACD indicator is in negative territory.
H1 chart: The point of control this week is set within the range between the levels of 1.6578 and 1.6544. Now this pair is within that range, so it is not advisable to place orders in this volatile area. However, if the pair manages to break the support level of 1.6544, it is be expected to fall below the 200 day moving average and below the resistance level of 1.6544. The MACD indicator is in neutral 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 30, 2014 . Thanks for your support on Daily analysis of GBP/USD for January 30, 2014
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