Daily chart: GBP/USD found support at the level of 1.6663. However, the bullish outlook remains alive in this pair, as the GBP/USD is making corrective movements and there is still the possibility that this pair will rise to the resistance level of 1.6766. On the other hand, a breakout at that support level could lead the GBP/USD to change the current trend in this chart. The MACD indicator is in the overbought zone and into negative territory.
H4 chart: The GBP/USD stays above the bullish trend line near the 1.6630 level, so this pair remains robust in the bullish bias. However, if the pair manages to make a breakout at the 1.6667 level, it's expected to rise to the level of 1.6785. Moreover, the 200-day moving average is very close to this pair, so it is very likely that this pair will fall to that level. The MACD indicator is in negative territory.
H1 chart: This pair made a bullish rebound above the 200-day moving average near the support level of 1.6629. However, this pair found resistance at the point of control near the 1.6690 level. However, if the GBP/USD can overcome that area, it would be expected to strengthen the bullish bias in this chart. The MACD indicator is in the oversold zone and into positive 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 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.
The material has been provided by InstaForex Company - www.instaforex.com
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