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01.04.201403:44 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 01, 2014

Long-term review

Daily chart: This pair stays above the bullish trend line and now, the GBP/USD is trying to make a breakout on the resistance level of 1.6663. If successful, it is expected to rise to the level of 1.6766. However, keep in mind that the GBP/USD is overbought in other charts, so it is likely that this pair will begin making corrective movements. The MACD indicator is in positive territory.

Exchange Rates 01.04.2014 analysis

H4 chart: The GBP/USD has consolidated above the support level of 1.6644. If the pair manages to make a breakout on the resistance level of 1.6667, it's expected to rise to the level of 1.6735, where the bearish trend line is. However, if the pair manages to make a breakout in the support level of 1.6644, it's expected to fall to the level of 1.6592, where the 200-day moving average is located. The MACD indicator is in the overbought zone.

Exchange Rates 01.04.2014 analysis

H1 chart: The GBP/USD remains above the 200 SMA and now this pair is forming a POC at the current levels. For now, this pair is forming a lower high pattern to make a breakout on the resistance level of 1.6700. If successful, it is expected to rise to the level of 1.6750. The MACD indicator is in negative territory.

Exchange Rates 01.04.2014 analysis

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 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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