Daily Analysis of GBP/USD for March 29, 2016
The pair is forming a higher high pattern below the resistance level of 1.4267 after the Cable had a strong bullish momentum during yesterday's session and was also one of the best performers during the holiday. Currently, we can expect a rally towards the resistance level of 1.4317. The MACD indicator is showing some uncertainty in GBP/USD, as it stays in neutral territory.
H1 chart's resistance levels: 1.4267 / 1.4317
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 1.4267, take profit is at 1.4317 and stop loss is at 1.4217.
The material has been provided by InstaForex Company - www.instaforex.com