empty
 
 
19.08.2014 01:51 AM
Daily analysis of GBP/USD for August 19, 2014

Daily chart: The GBP/USD opened this week with a bullish gap, so it is likely that this pair will climb to the resistance level of 1.6766. However, the GBP/USD could perform a pullback in that level and fall back to the support level of 1.6668 to fill the gap, in an area where the 200-day moving average is located. The MACD indicator is entering oversold zone, so it is likely that the GBP/USD will continue forming a higher low pattern.

This image is no longer relevant

H4 chart: The GBP/USD is kept below the resistance level of 1.6731, because the pair is likely to fall to the support level of 1.6692 within hours. If the GBP/USD does a breakout at the resistance level of 1.6762, it's expected to rise to the level of 1.6820. There it would be very close to the 200-day moving average. The MACD indicator stays in positive territory.

This image is no longer relevant

H1 chart: The GBP/USD moved in the range during yesterday's session of , below the 200 SMA. If this pair manages to make a breakout at the support level of 1.6700, the next target would be the support level of 1.6629. On the other hand, if the GBP/USD does a breakout at the 1.6750 level, it would be expected to that rise to the level of 1.6800. The MACD indicator remains in negative territory.

This image is no longer relevant

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6700, take profit is at 1.6629, and stop loss is at 1.6775.

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 $9000 more!
    In May we raffle $9000 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