Daily chart: The GBP/USD is trying to consolidate its bullish bias, since the strength of the bulls is most noticeable above the support level of 1.6766. For now, expect this pair to make a breakout on the resistance level of 1.6851 to continue placing buy orders. The MACD indicator is in the overbought zone.
H4 chart: The GBP/USD remains above the support level of 1.6785. Now, if the pair manages to make a breakout on the resistance level of 1.6841, it's expected to rise to the level of 1.6900. On the other hand, if it manages to consolidate below the support level of 1.6785, it is seen to fall to a bullish trend line, where the 200 SMA is located. The MACD indicator is in neutral territory.
H1 chart: This pair has made a bullish rebound above the support level of 1.6800, where the 200 SMA is located, but it has found resistance at the point of control. If the pair manages to make a breakout in the support level of 1.6800, it is likely to fall to the level of 1.6750. The MACD indicator is 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.
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 April 30, 2014 . Thanks for your support on Daily analysis of GBP/USD for April 30, 2014
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