InstaForex - Analytics

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    Daily analysis of GBP/USD for March 02, 2016 2016-03-02

    GBP/USD has been trading sideways below the resistance level of 1.3963 and the 200 SMA on H1 chart. When the pair does a breakout below the 1.3878 price zone, then bears will be stronger and the Cable may look to reach new lows on a short-term basis. Price action isn't very clear yet. MACD indicator is on the negative territory.

    GBPUSDH1.png

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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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