The GBP/USD pair had a strong bullish momentum above the support level of 1.5025, where it seems to be a clear rejection of the pair from that support zone. Now, the current target is set at the resistance level of 1.5247, which could be stronger and produce a pullback on the GBP/USD pair. But as the bullish momentum remains alive, the pair could breakt that level and rise to the 1.5491 in the medium term.
![GBPUSDDaily.png](https://forex-images.instaforex.com/userfiles/20150204/GBPUSDDaily.png)
As we can see on the H1 chart, the GBP/USD pair won positions above the 200 SMA, which is currently pointing upwards. Now, the pair is forming a higher high pattern that could help to perform a bullish consolidation above the resistance level of 1.5161, with a short-term target placed at the 1.5211 level. The MACD indicator stays in the positive territory.
![GBPUSDH1.png](https://forex-images.instaforex.com/userfiles/20150204/GBPUSDH1.png)
Daily chart's resistance levels: 1.5247 / 1.5491
Dailychart's support levels: 1.5025 / 1.4853
H1 chart's resistance levels: 1.5161 / 1.5211
H1 chart's support levels: 1.5110 / 1.5084
Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5161, take profit is at 1.5211, and stop loss is at 1.5111.
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 04, 2015 . Thanks for your support.
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