empty
 
 
06.11.2014 01:01 AM
Daily analysis of GBP/USD for November 06, 2014

At the H4 chart, the GBP/USD has made a rebound on the support level of 1.5874 because qthe pair fell steeply from the level of 1.6004. Now, the GBP/USD is trying to consolidate above the support level of 1.5951, while this pair is still holding strong in the current bearish trend. GBP/USD still remains below the 200 SMA.

H4chart's resistance levels: 1.6004/1.6051

H4chart's support levels: 1.5951/1.5874

This image is no longer relevant

The GBP/USD is trying to make a pullback on the resistance level of 1.5980, which is very likely to fall to the support level of 1.5925 on the H1 chart. If GBP/USD manages to make a breakout at the level of 1.5925, the next target would be the support level 1.5871. The MACD indicator is in the overbought zone.

H1 chart's resistance levels: 1.5980 / 1.6031

H1 chart's support levels: 1.5925 / 1.5871

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 1.5925, take profit is at 1.5871, and stop loss is at 1.5980.

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