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06.02.2015 05:02 AM
Daily analysis of GBP/USD for February 06, 2015

Bulls are taking control of the GBP/USD pair, as this pair had a strong bullish momentum above the support level of 1.5247, with near-term target at the level of 1.5491. Probably, the GBP/USD pair will start to form a bullish pattern in order to reach that resistance zone. By the way, we recommend to be cautious when you trade against the trend, because the main bias is still bearish.

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The GBP/USD pair worked well on the bullish side above the 200 SMA, that is also pointing upwards. At the moment, the GBP/USD pair is forming a higher high pattern above the support level of 1.5302, with a strong resistance zone on the way to 1.5349. If a breakout happens there, the pair is expected to reach the resistance level at 1.5415.

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Daily chart's resistance levels: 1.5491 / 1.5637

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5340 / 1.5415

H1 chart's support levels: 1.5302 / 1.5249


Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5340, take profit is at 1.5415, and stop loss is at 1.5262.

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