Daily analysis of GBP/USD for February 05, 2018

The pair is struggling to consolidate the price action above the resistance level of 1.4280 and it seems that the 200 SMA could act, once again, as a dynamic support. If that happens, GBP/USD could resume the overall bullish bias and can skyrocket towards the 1.4393 level. MACD indicator remains in the negative territory, calling for a leg lower.



H1 chart's resistance levels: 1.4280 / 1.4393
H1 chart's support levels: 1.4060 / 1.3937

Trading recommendations for today:
Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4280, take profit is at 1.4393 and stop loss is at 1.4168.

Analysis are provided byInstaForex.