InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Daily analysis of GBP/USD for February 29, 2016 2016-02-29

    The pair is forming a lower low pattern on H1 chart after a strong decline from the 1.4000 level. Now, we could see a bearish formation that could make GBP/USD test new lows on a short-term basis. The 200 SMA is still pointing to the downside and the Cable may see some little rebounds in the process. MACD indicator is reaching oversold conditions, so that scenario could be possible to happen.

    GBPUSDH1.png

    Show full picture

    H1 chart's resistance levels: 1.3963 / 1.4069

    H1 chart's support levels: 1.3878 / 1.3740

    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 1.3878, take profit is at 1.3740, and stop loss is at 1.4014.


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree