Daily Analysis of GBP/USD for March 02, 2016
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.
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.
The material has been provided by InstaForex Company - www.instaforex.com
