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    Daily analysis of GBP/USD for February 19, 2016 2016-02-19

    GBP/USD did a pullback from the resistance level of 1.4369 and now. It is looking for an opportunity to do another decline towards the level of 1.4282. A breakout below that zone will open the doors to test the level of 1.4206. Another scenario is showing us a possible attempt to break out above the zone of 1.4369 in order to do a possible short-term bullish consolidation.

    GBPUSDH1.png

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    H1 chart's resistance levels: 1.4369 / 1.4436

    H1 chart's support levels: 1.4282 / 1.4206

    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 found at 1.4282, take profit is at 1.4206, and stop loss is at 1.4470.


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