Daily analysis of GBP/USD for February 17, 2014
February 17, 2014 5:00 amVideo
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Daily chart: GBP/USD consolidated above the support level of 1.6663, after a fairly
positive week, within which the bullish bias strengthened sharply. The next target for this pair is the resistance
level of 1.6851, but it is very likely that the GBP/USD will start forming
a bullish pattern to continue rising. However, we must be vigilant
against a bearish rebound, which would make this pair fall to the support
level of 1.6663. The MACD indicator is in positive territory.
H4 chart: This pair
has a clear path to climb up to the resistance level of 1.7000 in the
long term, so the bullish bias in this chart remains strong thanks to the bullish rebound that GBP/USD made a few days ago at the
200-day moving average. However, if the pair manages to break the
support level of 1.6667, it’s expected to fall to the level of
1.6644. The MACD indicator is in overbought zone.
H1 chart: The GBP/USD
opened this week with a bullish gap above the resistance level of
1.6750. Now, it is very likely that this pair will perform corrective
movements to continue the bullish bias. If the pair manages to
consolidate above this resistance level, it’s expected to rise to the
level of 1.6800. On the other hand, if the pair manages to
consolidate below that level, it would be expected to fall to the level
of 1.6700.
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 1.6750, take profit is at
1.6800, and stop loss is at 1.6700.
The material has been provided by InstaForex Company – www.instaforex.com
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