InstaForex - Analytics

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    Daily analysis of GBP/USD for March 07, 2016 2016-03-07

    GBP/USD is following the bullish bias above the 200 SMA on the H1 chart and currently can make a breakout above the 1.4183 level, with a near-term target at the 1.4267 level. However, the overall scenario is calling for another pullback before a rally ends in coming hours. The MACD indicator is entering neutral territory.

    1457368613_GBPUSDH1.png

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    H1 chart's resistance levels: 1.4183 / 1.4267

    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 1.4069, take profit is at 1.3963, and stop loss is at 1.4177.


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