Daily Analysis of GBP/USD for March 22, 2016
GBP/USD is performing a decline and during yesterday's session we saw a strong domination by the bears in the overall bias of the Cable. Currently, we can expect a rebound above the support level of 2.4354 to resume the upside trend, but we cannot discard a breakout lower to test the 200 SMA on the H1 chart. The MACD indicator is still showing uncertainty in the pair.
H1 chart's resistance levels: 1.4423 / 1.4490
H1 chart's support levels: 1.4354 / 1.4272
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 1.4423, take profit is at 1.4490 and stop loss is at 1.4354.
The material has been provided by InstaForex Company - www.instaforex.com