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    Daily analysis of GBP/USD for February 04, 2016 2016-02-03

    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.

    GBPUSDH1.png

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    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.


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