Daily analysis of GBP/USD for February 16, 2015 Market Analysis Review

Last Friday was a bit slow for the GBP/USD pair, as the pair continues trading in favor of the bullish bias. The next target is located at the resistance level of 1.5491. But at the moment, we're still waiting for a higher high pattern formation, because the bullish momentum that the pair had last week was big and pushed it to reach overbought levels in lower time frames.

On the H1 chart, we're still watching consolidation moves of the GBP/USD pair below the resistance level of 1.5413. Currently, the pair is forming a bullish pattern that could be done when a breakout happens at the 1.5413 level, with a target located on the upside at the 1.5526 level. Still, the 200 SMA on H1 chart is bullish.

Daily chart's resistance levels: 1.5491 / 1.5761

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5413 / 1.5526

H1 chart's support levels: 1.5378 / 1.5348

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 1.5413, take profit is at 1.5526, and stop loss is at 1.5297.

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Daily analysis of major pairs for February 16, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair has been making commendable effort to go upward in the context of a downward bias. This effort has enabled the price to close above the support line at 1.1350 and a movement above the resistance line at 1.1500 would result in a clean Bullish Confirmation Pattern in the market. The outlook for the EUR/USD pair this week is bullish.

USD/CHF: Although the outlook for this pair is bullish and the price is supposed to be going upwards, there is now a high probability that there could be some short-term or protracted pullbacks in the market. One thing is sure, the possible pullbacks would not be permanent and the price could continue its upward journey after that (even if it would be a consolidation to the upside).

GBP/USD: This currency trading instrument trended upwards last week, testing the distribution territory at 1.5400. That distribution territory is currently being battered and it would be breached to the upside as the price continues its northward journey.

USD/JPY: This pair rose by 200 pips last week and later fell by another 200 pips. From the demand level at 118.50, the price almost reached the supply level at 120.50, after which the gains made by bulls were forfeited. The bullish bias on the pair, however, still remains logical.

EUR/JPY: This cross closed at 135.34 on Friday, February 13, 2015. The cross is trying to go further upwards and a movement above the supply zone at 136.50 would result in the invalidation of the recent bearish outlook plus a new ‘buy’s signal.

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USDCAD Daily Analysis - February 16, 2015 Forex Analysis

USDCAD moved sideways in a trading range between 1.2352 and 1.2797. As long as 1.2352 support holds, the sideways movement could be treated as consolidation of the uptrend from 1.1191 (Nov 21, 2014 low), another rise towards 1.3000 is still possible after consolidation.

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USDJPY Daily Analysis - February 16, 2015 Forex Analysis

USDJPY is now in downtrend from 120.47. Deeper decline would likely be seen, and the target would be at 116.50 area. Resistance is at 120.47, only break above this level will indicate that the long term uptrend from 101.06 (Jul 10, 2014 low) has resumed, then the following upward movement could bring price to 125.00 area.

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AUDUSD Daily Analysis - February 16, 2015 Forex Analysis

AUDUSD moved sideways in a trading range between 0.7625 and 0.7875. Near term resistance is at 0.7875, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 0.8294, another fall towards 0.7000 is still possible after consolidation.

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GBPUSD Daily Analysis - February 16, 2015 Forex Analysis

GBPUSD remains in uptrend from 1.4950, and the rise extended to as high as 1.5435. Further rise could be expected, and next target would be at 1.5500 area. Support is at 1.5195, only break below this level could bring price back to 1.5000 zone.

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EURUSD Daily Analysis - February 16, 2015 Forex Analysis

EURUSD is facing 1.1534 resistance, a break of this level will indicate that lengthier consolidation for the downtrend from 1.2569 (Dec 16, 2014 high) is needed, then further rise to 1.1650 - 1.1700 area could be seen. Support is at 1.1260, below this level will signal resumption of the downtrend from 1.2569, then the following downward movement could bring price to 1.0500 area.

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