The GBP/USD pair continues to strengthen the bullish bias above the support level of 1.5247, because the pair has a very clear target at the area of 1.5491. In the first hours of Monday's session, the GBP/USD pair is expected to move in favor of the bullish trend, but with the formation of a higher high pattern. The MACD indicator on the daily chart is still on the positive territory.
On the H1 chart, the GBP/USD pair found resistance next to the 1.5350 level. On that area, the pair did a pullback towards the support level of 1.5210, where the GBP/USD pair performed a little rebound that could be a bearish pattern in the short term. Anyway, the pair could resume the bullish bias in the coming area, because the 200 SMA could serve as dynamic support.
Daily chart's resistance levels: 1.5491 / 1.5637
Dailychart's support levels: 1.5247 / 1.5025
H1 chart's resistance levels: 1.5249 / 1.5302
H1 chart's support levels: 1.5210 / 1.5166
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 1.5249, take profit is at 1.5302, and stop loss is at 1.5196.
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 09, 2015 . Thanks for your support.
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