FX.co ★ Daily analysis of GBP/USD for June 24, 2014

Daily chart: The GBP/USD is trying to consolidate above the support level of 1.7000, because this pair has had a bullish momentum above that level. For now, this pair continues forming a bullish pattern above that level, so the bullish outlook remains alive in the GBP/USD. The MACD indicator is in positive territory.

H4 chart: This pair continues to move sideways above the support level of 1.6995. Now, GBP/USD is likely to conduct a bullish rebound above that level. If successful, it is expected to rise to the level of 1.7160. However, if the GBP/USD manages to make a breakout at the support level, it is expected to fall to the level of 1.6920. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has made a bullish rebound above the point of control at the level of 1.7000 and now this pair is trying to climb back up to the resistance level of 1.7050. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7100 in the short term. The MACD indicator is in positive territory.

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 1.7050, take profit is at 1.7100, and stop loss is at 1.7000.