Daily Analysis of GBP/USD for March 16, 2016
The H1 chart is still showing a strong support around the 1.4141 level, where a rebound can happen towards the resistance zone of 1.4190, in order to attempt a breakout higher to resume the overall bullish bias. However, if GBP/USD continues to remain stronger in the decline, then we can expect a fall to the 1.4053 level. The MACD indicator is at oversold conditions.
H1 chart's resistance levels: 1.4190 / 1.4267
H1 chart's support levels: 1.4141 / 1.4053
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 1.4190, take profit is at 1.4267 and stop loss is at 1.4111.
The material has been provided by InstaForex Company - www.instaforex.com
