InstaForex - Analytics

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    Daily analysis of GBP/USD for February 22, 2016 2016-02-22

    The H1 chart is showing us a bearish gap left below the 200 SMA in this time frame. Currently, we can expect a breakout lower towards the support zone of 1.4206. However, if the pair finds strong bottom at current stage, then it could perform a rebound and rally towards the 1.4436 level, which is above the moving average. MACD indicator is on the negative territory and supporting the bearish idea.

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


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