The GBP/USD is trying to make a breakout on the resistance level of 1.6004 because this pair found strong support near the 1.5850 level on the H4 chart. But the 1.6051 level zone is very strong and the GBP/USD could make a pullback at this level, so it is advisable to be aware of position closings when this pair touches that level. The MACD indicator is moving into positive territory.
H4chart's resistance levels: 1.6004 – 1.6051
H4chart's support levels: 1.5951 - 1.5865
On the H1 chart, GBP/USD is consolidating above the 1.5980 level, but this pair is likely to find strong resistance at the level of 1.6031 because this pair is approaching the 200 SMA But a pullback at current levels, could lead the GBP/USD to fall back to the support level of 1.5925.
H1 chart's resistance levels: 1.5980 – 1.6031
H1 chart's support levels: 1.5925 – 1.5871
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 1.6031, take profit is at 1.5980, and stop loss is at 1.6083.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for October 16, 2014 . Thanks for your support.
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