Daily Analysis of GBP/USD for March 14, 2016
The pair has been doing some rallies above the 200 SMA in the H1 chart and we should note that the lows reached on March 10 are still supporting the cable on the upside. Currently, it's facing-off the resistance level of 1.4396, where a breakout should happen in order to push the pair towards the next sellers interest zone around 1.4459.
H1 chart's resistance levels: 1.4396 / 1.4459
H1 chart's support levels: 1.4333 / 1.4267
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 1.4396, take profit is at 1.4459 and stop loss is at 1.4333.
The material has been provided by InstaForex Company - www.instaforex.com
