GBPUSD: Monthly & Daily analysis for December 02, 2013
December 2, 2013 6:45 am
Weekly chart: The month of November was decisive for this pair because it managed to take a good bullish momentum on the 200 day moving average near the support level of 1.6033. In recent weeks, this pair has come up in a long and lateralized bullish trend, but below the resistance level of 1.6249, the pair managed to set the trend for the medium and long term. Now, the GBPUSD is above 1.6249 level and is very likely that during the month of December the pair will achieve the resistance level at 1.6478. However, it is likely that during this first week, the pair will begin to make corrective movements. The MACD indicator is still in positive territory and is showing a bearish divergence.
Daily chart: The GBPUSD is consolidating above 1.6326 level after one week this pair was quite bullish, which made this a breakout in the levels of 1.6235 and 1.6326. This pair is likely to rise to the level of 1.6447. However, if the pair manages to break the support level at 1.6326, is expected to fall to the level of 1.6235. The MACD indicator is still in positive territory.
H1 chart: This pair has going to strong resistance level at 1.6375 and remains above the support level at 1.6331. This pair is likely to break the resistance level at 1.6375, which is expected to rise to the level of 1.6419. GBPUSD remains above the 200 SMA and MACD indicator remains in positive teritory.
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 1.6375, take profit is at 1.6419, and stop loss is at 1.6331.
The material has been provided by InstaForex Company – www.instaforex.com
Weekly chart: The month of November was decisive for this pair because it managed to take a good bullish momentum on the 200 day moving average near the support level of 1.6033. In recent weeks, this pair has come up in a long and lateralized bullish trend, but below the resistance level of 1.6249, the pair managed to set the trend for the medium and long term. Now, the GBPUSD is above 1.6249 level and is very likely that during the month of December the pair will achieve the resistance level at 1.6478. However, it is likely that during this first week, the pair will begin to make corrective movements. The MACD indicator is still in positive territory and is showing a bearish divergence.
Daily chart: The GBPUSD is consolidating above 1.6326 level after one week this pair was quite bullish, which made this a breakout in the levels of 1.6235 and 1.6326. This pair is likely to rise to the level of 1.6447. However, if the pair manages to break the support level at 1.6326, is expected to fall to the level of 1.6235. The MACD indicator is still in positive territory.
H1 chart: This pair has going to strong resistance level at 1.6375 and remains above the support level at 1.6331. This pair is likely to break the resistance level at 1.6375, which is expected to rise to the level of 1.6419. GBPUSD remains above the 200 SMA and MACD indicator remains in positive teritory.
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 1.6375, take profit is at 1.6419, and stop loss is at 1.6331.
The material has been provided by InstaForex Company – www.instaforex.com
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