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GBPUSD Daily Analysis for August 07, 2013
Daily chart: GBPUSD is forming a lower high pattern, below the resistance level of 1.5407. This pair has been reluctant to continue falling as well, this has been reluctant to continue the current bullish trend. If this pair does break the support at the level of 1.5266, it is expected to drop to the level of 1.5159. On the other hand, if the GBPUSD managed to break the resistance level at 1.5407, is expected to rise to the level of 1.5506, very close to the 200 day moving average. For now, the trend in this pair is still bullish, but we must be alert to any change in trend may occur. The MACD indicator is in neutral territory.
H4 chart: This pair is trying to break the resistance level at 1.5341. The GBPUSD is consolidating above the 200 day moving average, which could strengthen an outlook bullish for this pair. If the GBPUSD manages to break that level would be expected to rise to the level of 1.5411. On the other hand, it is very likely that the GBPUSD fall to support at the 1.5260 level, which houses the 200 day moving average and if the pair manages to break that level, it is expected to fall to the level of 1.5195. The MACD indicator is in extreme overbought and entering negative territory.
H1 chart: Nearby the resistance level at 1.5351, has formed a Point of Control (POC) very strong. If the pair manages to break that level, it is expected to rise to the level of 1.5376. Now, the GBPUSD is trying to get out of that range where he was locked up in the last few days and this is forming a higher low pattern, so it would be very likely that the GBPUSD fall to support at the 1.5295 level, close moving average of 200. If the pair manages to break that level, it is expected to fall to the level of 1.5249. The MACD indicator remains in negative territory.
Fundamental outlook: For today’s session, BoE Gov. Carney will speak at 09:30 GMT in the United Kingdom.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5295, take profit is at 1.5249, and stop loss is at 1.5342.
Source: www.instaforex.com
