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    Daily analysis of GBP/USD for February 16, 2016 2016-02-16

    The pair has made a strong decline from the resistance zone of 1.4535 and now it is doing a kind of bearish consolidation below the 200 SMA. However, the cable is still trading above the support level of 1.4436 and a rebound there will push the GBP/USD pair higher to test the resistance mentioned above, which is the latest key inflection zone.

    GBPUSDH1.png

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    H1 chart's resistance levels: 1.4535 / 1.4602

    H1 chart's support levels: 1.4436 / 1.4369

    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 1.4535, take profit is at 1.4602, and stop loss is at 1.4470.


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