empty
 
 
26.05.2014 04:53 AM
Daily analysis of GBP/USD for May 26, 2014

Daily chart: The GBP/USD has dropped below the resistance level of 1.6851, after this pair has made a pullback at this level. GBP/USD is likely to fall to the support level of 1.6766, where the bullish trend line is. However, if the pair manages to make a breakout at the support level, it is expected to fall to the level of 1.6663. The MACD indicator is entering neutral territory.

This image is no longer relevant

H4 chart: The GBP/USD is finding support at the 1.6822 level where the 200 SMA is located. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6785. However, the GBP/USD could perform a bullish rebound at 200 SMA. MACD is in negative territory.

This image is no longer relevant

H1 chart: This pair has consolidated below the control point of forming a bearish pattern, and it is now very likely that the GBP/USD will fall to the support level of 1.6800. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6750. The MACD indicator is entering oversold.

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.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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