empty
 
 
01.05.2014 08:24 AM
Daily analysis of GBP/USD for May 01, 2014

Daily chart: GBP/USD has made a breakout at the resistance level of 1.6851. Now, the next target for this pair is the resistance level of 1.7000. However, this pair is expected to form a bullish pattern to continue rising. The bullish bias in the GBP/USD is very strong, so it is advisable to keep putting buy orders. The MACD indicator is in positive territory.

This image is no longer relevant

H4 chart: This pair is trying to make a breakout at the resistance level of 1.6900, because the GBP/USD has consolidated above the support level of 1.6841. If successful, it is expected to rise to the level of 1.7000, at which one bullish trend line is. The MACD indicator is in positive territory.

This image is no longer relevant

H1 chart: The GBP/USD has consolidated above the point of control and the support level of 1.6850. If the pair manages to make a breakout at the resistance level of 1.6900, it's expected to rise to the level of 1.6950, which is very likely since the GBP/USD remains above the 200 SMA. MACD indicator is in negative territory.

This image is no longer relevant

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 1.6900, take profit is at 1.6950, and stop loss is at 1.6850.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback