24.03.201402:38 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 24, 2014

Long-term review

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Daily chart: The GBP/USD is trying to find support on the bullish trend line near to the 1.6480 level. If the pair manages to make a breakout on the trend line, it is expected to fall to the support level of 1.6447. On the other hand, if this pair makes a bullish rebound on the trend line, it's expected to rise to the resistance level of 1.6540 that could extend the bullish trend on this pair for several days. The MACD indicator is in negative territory.

H4 chart: This pair is forming a higher low pattern below the resistance level of 1.6516. The GBP/USD wants to consolidate below the 1.6483 level, so it is very likely that this pair will fall to the support level of 1.6435. However, we recommend caution when placing sell orders in this pair. The MACD indicator is entering oversold.

H1 chart: The GBP/USD is moving in the range between the 1.6507 and 1.6464 levels, at which one point of control is. If the pair manages to make a breakout at the support level of 1.6464, it's expected to fall to the level of 1.6419, Moreover, if this pair does consolidate above the 1.6507 level, it would be expected to rise to the level of 1.6544. The MACD indicator is in 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 1.6464, take profit is at 1.6419, and stop loss is at 1.6510.

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