Daily chart: The GBP/USD continues to make corrective moves below the resistance level of 1.6851. This pair could fall to the support level of 1.6766 in coming days, as the GBP/USD would have to perform corrective movements to continue making bullish movements. However, expect a breakout at the resistance level of 1.6851 to continue placing buy orders. The MACD indicator is in positive territory.
H4 chart: This pair has made a bullish rebound above the 200 SMA, because the GBP/USD continues to find support at the 200-day moving average, so this pair is kept alive in the bullish outlook. However, if the pair manages to make a breakout at the support level of 1.6785, it is expected to fall to the level of 1.6762. The MACD indicator is in negative territory.
H1 chart: The GBP/USD has made a pullback near the 1.6840 level, so this pair is finding support at the point of control and the 200 SMA. If the pair manages to make a breakout at the resistance level of 1.6850, it would be expected to rise to the level of 1.6900. The MACD indicator is in positive territory.
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 1.6850, take profit is at 1.6900, and stop loss is at 1.6750.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Daily analysis of GBP/USD for June 10, 2014 . Thanks for your support on Daily analysis of GBP/USD for June 10, 2014
No comments:
Post a Comment