On the daily chart, the GBP/USD is trying again to make a breakout at the level of 1.6146 so it is very likely that this pair will go up to the resistance level of 1.6235. However, these corrective movements may stop suddenly, and GBP/USD might begin to fall below the support level of 1.6046, so that the next target would be the level of 1.5883. Keep in mind that the GBP/USD is following a bearish trend line at current levels. The MACD indicator remains in positive territory.
Daily chart's resistance levels: 1.6146/ 1.6235
Dailychart's support levels: 1.6046 / 1.5883
The GBP/USD is consolidating above the support level of 1.6117 with the formation of a higher high pattern, so that the next target would be the resistance level of 1.6170 on the bullish road. If GBP/USD does a breakout at the level of 1.6170, it's expected to rise to the level of 1.6216. The MACD indicator is entering neutral territory.
H1 chart's resistance levels: 1.6170 / 1.6216
H1 chart's support levels: 1.6117 / 1.6075
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 1.6170, take profit is at 1.6216, and stop loss is at 1.6127.
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 28, 2014 . Thanks for your support.
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