Daily chart: The pair managed to recover from the fall that was below the support level of 1.6663, and now the GBP/USD is trying to consolidate above this level. It is very likely that this pair will begin to be dominated by the strength of the bulls, so its bullish bias in this chart could be strengthened in the coming hours, due to the strength of the sterling. The MACD indicator is in the overbought zone and entering negative territory.
H4 chart: The GBP/USD has consolidated above the support level of 1.6667, but we must stress that this pair formed a fractal near the 1.6700 level. If the pair manages to break that level, it is expected to rise to the level of 1.6775. On the other hand, if the pair manages to make a breakout at the support level of 1.6667, it is expected to fall to the level of 1.6644. The MACD indicator is in neutral territory.
H1 chart: In this chart, the GBP/USD is forming a lower high pattern above the point of control at the level of 1.6680, so it is very likely that this pair will rise to the resistance level of 1.6700. If the pair manages to make a breakout at that level, one would expect that the GBP/USD made a strong bullish consolidation. The MACD indicator is entering overbought area.
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
For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/USD for February 28, 2014 . Thanks for your support on Daily analysis of GBP/USD for February 28, 2014
No comments:
Post a Comment