InstaForex - Analytics

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    Daily analysis of GBP/USD for March 31, 2016 2016-03-31

    There are no major changes in the overall outlook for the Cable, as it has been trading below the important high around the 1.4423 level. However, a pullback towards the support zone of 1.4317 is expected, where we can see a reaction higher to resume the bullish bias in a short-term basis.The MACD indicator is still at the neutral territory.

    GBPUSDH1.png

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    H1 chart's resistance levels: 1.4397 / 1.4423

    H1 chart's support levels: 1.4317 / 1.4267

    Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4397, take profit is at 1.4423 and stop loss is at 1.4372.


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