Daily Analysis of GBP/USD for March 18, 2016
On the H1 chart, GBP/USD has been forming a higher high pattern after a bullish momentum gained above the 200 SMA. Currently, it's facing off the strong resistance around the 1.4490 level, where a breakout should happen for another upside advance towards the 1.4555 level, which would be our next bullish target in a short-term basis.
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
