Daily Analysis of GBP/USD for March 10, 2016
On H1 chart, GBP/USD is currently being supported by the 1.4183 zone, as the bullish bias stays intact. The 200 SMA in this time frame is slightly neutral, as we're still considering the resistance level of 1.4267 as a possible level to be broken. If the Cable copes with it, then we can expect a rally until the 1.4333 level.
H1 chart's resistance levels: 1.4267 / 1.4333
H1 chart's support levels: 1.4183 / 1.4069
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 1.4267, take profit is at 1.4333, and stop loss is at 1.4202.
The material has been provided by InstaForex Company - www.instaforex.com
