empty
 
 
02.12.2014 12:50 AM
Daily analysis of GBP/USD for December 02, 2014

In the H4 chart, the GBP/USD pair gathered a bullish momentum above the support level of 1.5589, because this pair is trying to gain strength for a breakout at the eve support and fall to the level of 1.5512. The pair up is likely to go up to the resistance level of 1.5811 this week, because the GBP/USD pair has managed to hold above the 1.5698 level, where one bullish trend line is located. In addition, the 200 SMA is approaching the level of 1.5811. The MACD indicator remains in the positive territory.

H4chart's resistance levels: 1.5811 / 1.5874

H4chart's support levels: 1.5698 / 1.5589

This image is no longer relevant

The GBP/USD pair is consolidating above the 200 SMA in the H1 chart with the formation of a higher high pattern. The resistance level of 1.5739 could produce a pullback in this pair, so GBP/USD could perform a retracement to the level of 1.5687. Our bearish outlook still remains alive in this pair. So, it is advisable to place sell orders below this zone to the support level of 1.5632. The MACD indicator is in the overbought zone.

H1 chart's resistance levels: 1.5739 / 1.5810

H1 chart's support levels: 1.5686 / 1.5632

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 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.

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