FX.co ★ Daily analysis of GBP/USD for July 04, 2014

Daily chart: The GBP/USD has made a pullback on the resistance level of 1.7169, so this pair forming a bullish pattern continues below this level. If GBP/USD manages to make a breakout at the level of 1.7150, it's expected to fall to the support level of 1.7000. The MACD indicator is in positive territory.

H4 chart: This pair has found support on the bullish trend line that is near to the 1.7140 level, so it is very likely that the GBP/USD will attempt to climb to the level of 1.7250. If GBP/USD manages to make a bullish breakout in the trend line, it is expected to fall to the level of 1.7062. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has found support on the point of control that is close to the level of 1.7135, so the bullish outlook remains valid for this pair. If GBP/USD manages to make a breakout in the support level of 1.7150, it's expected to fall to the level of 1.7100. 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 1.7200, take profit is at 1.7250, and stop loss is at 1.7150.