The GBP/USD pair continues to get more bearish pressure every day. Currently, it's trying to perform a breakout at the support level of 1.5025. This zone has been tested several times, but the pair is still very bearish. However, this outlook could change in the near future, if the GBP/USD pair makes a breakout above the resistance level of 1.5247, where this pair could rise until the resistance level of 1.5491.
The H1 chart is showing us a more bearish strength on the GBP/USD pair, because the pair tried a breakout at the support level of 1.5039, but it was unsuccessful. Anyway, the 200 SMA is still bearish and the GBP/USD pair remains below the resistance level of 1.5084. As long as it remains below that zone, the GBP/USD pair could find a way to fall until the support level of 1.4994.
Daily chart's resistance levels: 1.5247 / 1.5491
Dailychart's support levels: 1.5025 / 1.4853
H1 chart's resistance levels: 1.5084 / 1.5142
H1 chart's support levels: 1.5039/ 1.4994
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 1.5039, take profit is at 1.4994, and stop loss is at 1.5084.
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 February 02, 2015 . Thanks for your support.
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