InstaForex - Analytics

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Daily analysis of GBP/USD for March 04, 2016 2016-03-04

The pair is facing strong resistance around the 1.4183 level, where sellers are considering a good scenario to push the Cable lower. However, as we should note on the H1 chart, GBP/USD can make a break higher above the 1.4183 level in order to do a rally towards the 1.4267 level, which is the most recent inflection area.

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H1 chart's resistance levels: 1.4183 / 1.4267

H1 chart's support levels: 1.4069 / 1.3963

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4069, take profit is at 1.3963, and stop loss is at 1.4177.



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