Daily chart: The GBP/USD is trying to climb up to the resistance level of 1.6766, but this is part of the corrective movements in the bearish trend, as this pair is forming a higher low pattern. However, if the GBP/USD manages to make a breakout at that level, it's expected to rise to the level of 1.6851. The MACD indicator is in the negative territory.
H4 chart: The GBP/USD remains above the support level of 1.6731 and now this pair is heading towards the 200 SMA, which is above the resistance level of 1.6762. However, if the GBP/USD manages to make a breakout at the support level of 1.6731, it's expected to fall to the level of 1.6683. The MACD indicator is in the positive territory.
H1 chart: This pair is trying to make a breakout at the resistance level of 1.6750. If successful, it is expected to rise to the level of 1.6800. However, if the GBP/USD manages to make a pullback at current levels, it is expected to fall to the support level of 1.6700. The MACD indicator is in the positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6700, take profit is at 1.6629, and stop loss is at 1.6770.
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 30, 2014 . Thanks for your support on Daily analysis of GBP/USD for May 30, 2014
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