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    Technical analysis and trading recommendations on GBP/USD for March 23, 2015

    The cable stopped its 2-week losing streak and closed at the previous swing low. Last Wednesday's trading range is the current cable trading range. Today, the cable also opened on a bearish note. The parallel resistance exists at 1.5035. We recommend strong buying only above 1.5035 towards 1.5100. We advise the bearish view again. Eventually, the pound looks weak against the USD ahead of the political challenge. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure. The cable gave an upside breakout from the bearish channel, but bulls hope it is short-lived. The cable settles in the same bearish channel. The cable has been closing around 1.4745 and 1.4750. A daily close is below 1.4745 and we can expect 1.4350 in the medium term. David Cameron said on Friday, EU leaders and officials will breathe "a sigh of relief" if he loses the national elections in May. Cameron said, If you vote for anyone else, you are likely to get a prime minister who comes here and says, 'You can all relax, there will be no renegotiations, no referendum, no difficult choices, no difficult reforms breathe a sigh of relief.' In case Cameron wins the upcoming election, he opts for the EU referendum. The pound is trading lower against the USD, euro, and yen at the Asian session today. Intraday support is found at 1.4910 and 1.4820. We recommend safe selling below 1.4820 with targets at 1.4725 and 1.4690. The panic will be triggered below 1.4690. Weekly support is set at 1.4800 and resistance seems at 1.5010 and 1.5035. Today, traders are expecting the CBI industrial order flash estimate. We recommend buying above 1.5040 with targets at 1.5100 and 1.5130.

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    To contact the author of this analysis, please email joseph.wind@analytics.instaforex.com.

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