Daily analysis of GBP/USD for February 11, 2014
February 11, 2014 8:05 amVideo
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Daily chart: The
GBP/USD had a session yesterday rather slow, as this pair failed to
climb to the resistance level of 1.6447. For now, it is very likely
that this pair will begin to form a bullish pattern to try to climb up to
that level. However, the GBP/USD could perform deeper correcitve
movements to the support level of 1.6326. The MACD indicator is in
negative territory.
H4 chart: This pair
found dynamic resistance at the 200-day moving average, so it is
expected that the GBP/USD will fall to the support level of 1.6336. On the
other hand, if the pair manages to make a breakout at the resistance
level of 1.6441, it’s expected to rise to the level of 1.6464. For
now, the hypothesis that the GBP/USD make a bearish rebound at
current levels is maintained. The MACD indicator is entering
overbought area.
H1 chart: Near 200
SMA, the GBP/USD is forming a point of control, which can generate
bearish pressure on this pair. If the GBP/USD manages to break the
support level of 1.6375, it’s expected to fall to the level of
1.6338. On the other hand, we must be vigilant against a breakout at
the level of 1.6419, as this would invalidate our bearish outlook for
this pair. The MACD indicator is entering neutral territory.
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 1.6375, take profit is at
1.6338, and stop loss is at 1.6411.
The material has been provided by InstaForex Company – www.instaforex.com
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