26 Februari 2016 9:52 AM
The GBP/USD pair is trying to break the support level of 1.3963, but we have witnessed rejection from that level, and now the pair is doing a corrective move towards the level of 1.4069. On the H1 chart, we should note that a 200 SMA is pointing to the downside and favoring the bearish scenario. The MACD indicator is still in the positive territory and this could be supporting the bullish bias.
H1 chart's resistance levels: 1.4069 / 1.4165
H1 chart's support levels: 1.3963 / 1.3878
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 found at 1.3963, take profit is at 1.3878, and stop loss is at 1.3976.
The material has been provided by InstaForex Company - www.instaforex.com
