Daily Analysis of GBP/USD for March 17, 2016
GBP/USD had a bullish momentum above the 1.4000 psychological zone and a consolidation above the 200 SMA at the H1 chart is ongoing. That happened after the Fed minutes release in the United States, as the pair is trying to break above the resistance zone of 1.4267 in order to reach the 1.4310 level. The MACD indicator is still supporting the bullish idea at positive territory.
H1 chart's resistance levels: 1.4267 / 1.4310
H1 chart's support levels: 1.4190 / 1.4141
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 1.4310 and stop loss is at 1.4233.
The material has been provided by InstaForex Company - www.instaforex.com
