Daily chart: The GBP/USD had another session dominated by the bulls, because this pair was approaching the resistance level of 1.7169. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7403 in the long term that could take this pair to new historical highs. The MACD indicator is in positive territory.
H4 chart: This pair stays above the 1.7140 level, at which one bullish trend line is. If GBP/USD manages to make a breakout at the level of 1.7220, it's expected to rise to the level of 1.7475, where there is a strong bullish trend line. The MACD indicator is entering overbought area.
H1 chart: The GBP/USD is trying to make a breakout on the resistance level of 1.7150, because during the last few hours, this pair has been forming a bullish pattern close to that level. If successful, it is expected to rise to the level of 1.7200 in the coming hours. The MACD indicator is in negative 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 1.7150, take profit is at 1.7200, and stop loss is at 1.7100.
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 July 02, 2014 . Thanks for your support on Daily analysis of GBP/USD for July 02, 2014
No comments:
Post a Comment