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FX.co ★ Daily analysis of GBP/USD for May 02, 2014

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Forex Analysis:::2014-05-02T05:10:48

Daily analysis of GBP/USD for May 02, 2014

Daily chart: GBP/USD remains above the support level of 1.6851 and now this pair is trying to form a bullish pattern above that level. However, keep in mind that the GBP/USD may fall to the support level of 1.6851, but that would be part of this pair's corrective movements. The MACD indicator is in positive territory.

Daily analysis of GBP/USD for May 02, 2014

H4 chart: The GBP/USD has made a bearish rebound at the resistance level of 1.6900. It is very likely that this pair will find support in the bullish trend line. However, if the pair manages to make a breakout in the trend line, it is expected to fall to the support level of 1.6841. GBP/USD remains above the 200 SMA and the MACD indicator is in the overbought zone.

Daily analysis of GBP/USD for May 02, 2014

H1 chart: This pair is trying to make a breakout on the resistance level of 1.6900. At the end of this week, GBP/USD is expected to continue conducting corrective movements for bullish bias. If the pair manages to consolidate above this resistance level, it's expected to rise to the level of 1.6950. The MACD indicator is in negative territory.

Daily analysis of GBP/USD for May 02, 2014

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 1.6900, take profit is at 1.6950, and stop loss is at 1.6850.

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