empty
 
 
01.07.2014 03:13 AM
Daily analysis of GBP/USD for July 01, 2014

Daily chart: The GBP/USD had a bullish momentum during the session yesterday and now this pair is consolidating above the 1.7100 level. The next target for the GBP/USD remains at the resistance level of 1.7169. If the pair manages to make a breakout at the 1.7169 level, it's expected to rise to the level of 1.7403. The MACD indicator is in positive territory.

This image is no longer relevant

H4 chart: This pair is finding resistance near the 1.7100 level, because there is a bullish trend line. If the pair manages to make a breakout at the level of 1.7190, it's expected to rise to the level of 1.7300, which would be a strong bullish consolidation, because the GBP/USD is maintained above the 200 SMA. MACD indicator is in positive territory.

This image is no longer relevant

H1 chart: The GBP/USD has made a breakout at the level of 1.7100 and now this pair is forming a lower high pattern above that level. If GBP/USD manages to make a breakout on the resistance level of 1.7150, it's expected to rise to the level of 1.7200. The MACD indicator is entering overbought area.

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 1.7150, take profit is at 1.7200, and stop loss is at 1.7100.

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