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    Daily analysis of GBP/USD for February 04, 2015

    The GBP/USD pair had a strong bullish momentum above the support level of 1.5025, where it seems to be a clear rejection of the pair from that support zone. Now, the current target is set at the resistance level of 1.5247, which could be stronger and produce a pullback on the GBP/USD pair. But as the bullish momentum remains alive, the pair could breakt that level and rise to the 1.5491 in the medium term.

    GBPUSDDaily.png

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    As we can see on the H1 chart, the GBP/USD pair won positions above the 200 SMA, which is currently pointing upwards. Now, the pair is forming a higher high pattern that could help to perform a bullish consolidation above the resistance level of 1.5161, with a short-term target placed at the 1.5211 level. The MACD indicator stays in the positive territory.
    GBPUSDH1.png

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    Daily chart's resistance levels: 1.5247 / 1.5491 Dailychart's support levels: 1.5025 / 1.4853 H1 chart's resistance levels: 1.5161 / 1.5211 H1 chart's support levels: 1.5110 / 1.5084

    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 1.5161, take profit is at 1.5211, and stop loss is at 1.5111.

    Felipe Erazo neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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