empty
 
 
29.04.2014 05:51 AM
Daily analysis of GBP/USD for April 29, 2014

Daily chart: The GBP/USD had a bullish momentum that allowed it to climb to the resistance level of 1.6851. If the pair manages to make a breakout at that level, the GBP/USD could be consolidated in bullish bias for several more days. However, caution should be exercised when placing orders in this pair as they remain within the low range. The MACD indicator is in the overbought zone.

This image is no longer relevant

H4 chart: This pair remains above the 200 SMA and the support level of 1.6785. During yesterday's session, the GBP/USD attempted to make a breakout on the resistance level of 1.6841 but failed. Now this pair is trying to make a breakout at the level of 1.6822. If successful, it is expected to rise to the level of 1.6841. The MACD indicator is in neutral territory.

This image is no longer relevant

H1 chart: The GBP/USD made a bearish rebound in the resistance level of 1.6850 which has formed a point of control. Now, this pair has made a bullish rebound at the support level of 1.6800. If the pair manages to make a breakout on the resistance level of 1.6850, it's expected to rise to the level of 1.6900. The MACD indicator is in neutral 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.

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 $1000 more!
    In April we raffle $1000 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