FX.co ★ Daily analysis of GBP/USD for February 10, 2015

During the last session, the GBP/USD pair did a pullback below the resistance level of 1.5247. Now, the nearest target on the downside road is placed at the level of 1.5025. Currently, the pair could start forming a bullish pattern in order to rise until the resistance level of 1.5497, but at this point, our outlook for the GBP/USD pair is still bearish.

Our intraday outlook remains unchanged, as the pair has still high chances to perform a breakout at the resistance level of 1.5249, with a target placed at the 1.5302 level. Anyway, we should be cautious, because the GBP/USD pair is looking towards the bullish road. At the moment, the 200 SMA on the H1 chart is bullish and the MACD indicator is entering the neutral territory.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4841

H1 chart's resistance levels: 1.5249 / 1.5302

H1 chart's support levels: 1.5210 / 1.5166

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 1.5249, take profit is at 1.5302, and stop loss is at 1.5196.