Daily Analysis of GBP/USD for March 21, 2016
The pair is currently working out a strong intraday bullish bias on the H1 chart, as it has been trading above the support level of 1.4423, which remains stable as a strong demand zone in a short-term basis. However, a bullish formation can be seen below the 1.4490 level and a breakout above it will produce a rally towards the 1.4555 level. The MACD indicator is at negative territory.
H1 chart's resistance levels: 1.4490 / 1.4555
H1 chart's support levels: 1.4423 / 1.4354
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 1.4490, take profit is at 1.4555 and stop loss is at 1.4423.
The material has been provided by InstaForex Company - www.instaforex.com
