Daily Analysis of GBP/USD for March 23, 2016
The pair is trading with a very strong intraday bearish bias, as the Cable is consolidating below the 200 SMA on the H1 chart and currently we can expect a little rebound above the support zone of 1.4200. However, we should note that a lower low pattern is currently in formation, so the GBP/USD pair may see new short-term lows.
H1 chart's resistance levels: 1.4272 / 1.4354
H1 chart's support levels: 1.4200 / 1.4151
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 1.4272, take profit is at 1.4354 and stop loss is at 1.4191.
The material has been provided by InstaForex Company - www.instaforex.com
