09.03.201607:19 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 09, 2016

Long-term review

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The pair is currently supported by the level of 1.4183, where we can expect a rebound towards the resistance level of 1.4267. The short-term picture is still strong in a bullish bias and that is why we should see more upside afterwards. Also, the 200 SMA in the H1 chart is currently flat, showing some neutrality in the market.

H1 chart's resistance levels: 1.4267 / 1.4333

H1 chart's support levels: 1.4183 / 1.4069

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 seen at 1.4267, take profit is at 1.4333, and stop loss is at 1.4202.

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