empty
 
 
03.02.2015 02:32 AM
Daily analysis of GBP/USD for February 03, 2015

On the daily chart, we can see the domination of the bearish bias on the GBP/USD pair. The pressure remains, as the pair is trying to consolidate below the support level of 1.5025. That breakout could take place during this week, when GBP/USD price action shows us that a lower low pattern is fully finished. The MACD indicator remains in the positive territory.

This image is no longer relevant

During the last session, the GBP/USD pair made a breakout in the 1.5039 zone, where the pair could start to form a solid bearish pattern to continue looking for more lows in the short-term bias. Anyway, our targets on the downside remains placed at the support level of 1.4994 and 1.4957, and this could be possible because the 200 SMA is bearish.

This image is no longer relevant

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5039 / 1.5084

H1 chart's support levels: 1.4994 / 1.4957


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 1.4994, take profit is at 1.4957, and stop loss is at 1.532.

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