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10.02.2015 02:05 AM
Daily analysis of GBP/USD for February 10, 2015

During the last session, the GBP/USD pair did a pullback below the resistance level of 1.5247. Now, the nearest target on the downside road is placed at the level of 1.5025. Currently, the pair could start forming a bullish pattern in order to rise until the resistance level of 1.5497, but at this point, our outlook for the GBP/USD pair is still bearish.

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Our intraday outlook remains unchanged, as the pair has still high chances to perform a breakout at the resistance level of 1.5249, with a target placed at the 1.5302 level. Anyway, we should be cautious, because the GBP/USD pair is looking towards the bullish road. At the moment, the 200 SMA on the H1 chart is bullish and the MACD indicator is entering the neutral territory.

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Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4841

H1 chart's resistance levels: 1.5249 / 1.5302

H1 chart's support levels: 1.5210 / 1.5166


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 1.5249, take profit is at 1.5302, and stop loss is at 1.5196.

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