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    Daily analysis of GBP/USD for February 09, 2016 2016-02-09

    GBP/USD continues to trade in a corrective phase and the resistance level of 1.4436 is still strong. The 200 SMA placed over there is acting as dynamic resistance and maybe we will see another pullback to re-test the level of 1.4369. In another scenario, if the cable achieves in breaking out the inflection zone formed at 1.4535 during the session on February 8, then we may expect a bullish continuation in coming days.

    GBPUSDH1.png

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    H1 chart's resistance levels: 1.4436 / 1.4535

    H1 chart's support levels: 1.4369 / 1.4289

    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 seen at 1.4436, take profit is at 1.4535, and stop loss is at 1.4334.


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