InstaForex - Analytics

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    Daily analysis of GBP/USD for February 23, 2016 2016-02-23

    GBP/USD had a huge decline from the the resistance level of 1.4282 reaching new lows across the board. Currently, we are watching a lower low pattern formation above the support level of 1.4069, where a breakout can be seen towards the level of 1.3963.

    GBPUSDH1.png

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    H1 chart's resistance levels: 1.4206 / 1.4282

    H1 chart's support levels: 1.4069 / 1.3963

    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 seen at 1.4069, take profit is at 1.3963, and stop loss is at 1.4172.


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