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05.02.2015 02:41 AM
Daily analysis of GBP/USD for February 05, 2015

Bulls continue pushing the GBP/USD pair up on the daily chart, because the pair reached the resistance level of 1.5247. The odds are very high in the way that the GBP/USD pair could perform a breakout at that level with a target placed on the upside road at 1.5491. Besides, the support zone of 1.5025 has concentrated strong bullish force last weeks.

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On the H1 chart, the GBP/USD pair got in touch with the resistance level of 1.5249, which is a new monthly high level. Now, the pair retraced below the level of 1.5211 to continue forming a bullish pattern. If the GBP/USD pair makes a breakout in that zone, it would be expected to reach the resistance level of 1.5249. At the moment, bulls are getting stronger, because the 200 SMA is pointing upwards.

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Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5211 / 1.5249

H1 chart's support levels: 1.5161 / 1.5110


Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5211, take profit is at 1.5249, and stop loss is at 1.5172.

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