empty
 
 
03.02.2016 11:03 PM
Daily analysis of GBP/USD for February 04, 2016

GBP/USD has been trading in a bullish mode and the Wednesday's session added some strength to the pair. Currently, the Cable is trying to perform a retracement towards the latest support formed around the 1.4535 level, because of the huge bullish momentum that it gained. However, our bullish outlook remains the same, as long as the 200 SMA is pointing to the upside.

This image is no longer relevant

H1 chart's resistance levels: 1.4644 / 1.4687

H1 chart's support levels: 1.4588 / 1.4535

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4644, take profit is at 1.4687, and stop loss is at 1.4597.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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