Daily chart: The pair tried to make a breakout at the support level of 1.6850, but the GBP/USD remains stable in the current bullish bias. For now, more bullish movements above this support level would be expected, so it is advisable to follow the bullish trend. The GBP/USD is forming a lower high pattern and the MACD indicator is in positive territory.
H4 chart: The GBP/USD fell to the support level of 1.6841, where the pair made a bullish rebound. Now this pair is trying to find support in the bullish trend line. If successful and it makes a breakout at the resistance level of 1.6900, it's expected to rise to the level of 1.7000. The MACD indicator is in negative territory.
H1 chart: The GBP/USD has made a bullish rebound at 200 SMA, where the point of control is located, and now this pair is consolidating above the support level of 1.6850. However, if the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6800. On the other hand, if the GBP/USD manages to make a breakout at the resistance level of 1.6900, it's expected to rise to the level of 1.6950. The MACD indicator is in 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 1.6900, take profit is at 1.6950, and stop loss is at 1.6850.
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 May 05, 2014 . Thanks for your support on Daily analysis of GBP/USD for May 05, 2014
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