empty
 
 
14.10.2014 12:14 AM
Daily analysis of GBP/USD for October 14, 2014

The GBP/USD showed a rebound at the support level of 1.6004, so far, this pair is consolidating above the 1.6051 level, but keep in mind that the bearish trend line is near the 1.6115 level and can act as a strong resistance for GBP/USD on H4 chart. Meanwhile, the GBP/USD is still dominated by the bearish bias, since the 200 SMA remains above the current price of GBP/USD. The MACD indicator is in neutral territory.

This image is no longer relevant

H4chart's resistance levels: 1.6247 – 1.6435

H4 chart's support levels: 1.6051 - 1.6004

On the H1 chart, GBP/USD failed to consolidate below the 1.6075 level and now this pair is conducting a breakout at that level to the resistance level of 1.6117, where the 200-day moving average is located. If this pair does make a breakout at that resistance level, the GBP/USD can revert for several days, taking into account that the MACD indicator is trying to break into positive territory.

This image is no longer relevant

H1 chart's resistance levels: 1.6075 – 1.6117

H1 chart's support levels: 1.6031 – 1.5980

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 1.6031, take profit is at 1.5980, and stop loss is at 1.6083.

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 June 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