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Daily analysis of GBP/USD for March 01, 2016 2016-03-01

GBP/USD has had no major changes since yesterday's session, as it is still trading above the support level of 1.3878. When a breakout happens below there, then we can expect another decline towards the low around the 1.3740 level. However, the Cable seems to extend the correction until the 200 SMA on H1 chart. MACD indicator is showing overbought conditions.


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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.

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