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21.04.201402:32 Forex Analysis & Reviews: GBP/USD daily analysis for April 21, 2014

Long-term review

Daily chart: This pair is still above the support level of 1.6766, so the bullish bias remains intact in GBP/USD. During this week, it is expected to continue to make this pair corrective movements and try to climb up to the resistance level of 1.6851. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.6950. The MACD indicator is in a positive territory.

Exchange Rates 21.04.2014 analysis

H4 chart: GBP/USD is making a bullish rebound above the support level of 1.6785, so it is very likely that this pair remains above that level. However, if GBP/USD manages to make a breakout at the support level of 1.6785, it is expected to fall to a bearish trend line at the 1.6700 level. The MACD indicator is in a negative territory.

Exchange Rates 21.04.2014 analysis

H1 chart: For now, GBP/USD remains above the 200-day moving average, so the bullish outlook is still alive in this pair. However, GBP/USD is trying to make a breakout on the resistance level of 1.680. If successful, it is expected to rise to the level of 1.6850. The MACD indicator is in a positive territory.

Exchange Rates 21.04.2014 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.

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

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