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02.04.201403:28 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 02, 2014

Long-term review

Daily chart: The GBP/USD has found resistance at the 1.6663 level, so it is very likely for this pair to begin forming a lower high pattern below this level. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6766. However, caution should be exercised with fractal near this resistance level. The MACD indicator is in positive territory.

Exchange Rates 02.04.2014 analysis

H4 chart: This pair has fallen back below the resistance level of 1.6644, after the GBP/USD has found resistance at the 1.6667 level. Now, it is likely that the GBP/USD will fall to support level of 1.6592. On the other hand, if the pair manages to make a breakout on the resistance level of 1.6644, it's expected to rise to the level of 1.6667. The MACD indicator is in negative territory.

Exchange Rates 02.04.2014 analysis

H1 chart: The GBP/USD has found support in the POC that has formed near the level of 1.6629. If the pair manages to make a breakout on the resistance level of 1.6700, it's expected to rise to the level of 1.6750. Furthermore, if GBP/USD is able to consolidate below the POC, it would be expected to drop to the level of 1.6578. The MACD indicator is oversold.

Exchange Rates 02.04.2014 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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