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    Daily analysis of GBP/USD for February 24, 2016 2016-02-24

    On H1 chart, GBP/USD has been moving with a bearish bias below the resistance zone of 1.4069, which is also below the 200 SMA. The current structure is still calling for more downside, but be aware of possible rebounds at the current stage, possibly to perform a rally towards the resistance zone of 1.4206. MACD indicator is showing neutral conditions in the market.

    GBPUSDH1.png

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    H1 chart's resistance levels: 1.4069/ 1.4206

    H1 chart's support levels: 1.3963 / 1.3782

    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 1.3963, take profit is at 1.3782, and stop loss is at 1.4142.


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