Daily Analysis of GBP/USD for March 24, 2016
GBP/USD had another bearish session below the resistance level of 1.4151 and we can now expect a rebound above the 1.4093 level, at least on a short-term basis. Bear in mind that we cannot talk about a strong bottom at the current zone, because we should expect another decline towards 1.4056 in order to confirm that scenario.
H1 chart's resistance levels: 1.4151 / 1.4200
H1 chart's support levels: 1.4093 / 1.4056
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 1.4151, take profit is at 1.4200 and stop loss is at 1.4100.
The material has been provided by InstaForex Company - www.instaforex.com
