For Traders

Analytical Reviews

Technical analysis

08.03.201819:42 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 09, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/USD remains capped by the key psychological level of 1.3900 across the board and such price action could continue for the rest of the week. A break above March 6th highs should expose the resistance level of 1.4078, but a pullback at the current stage remains a possibility in the short term. MACD indicator stays in the negative territory, favoring the bears.

H1 chart's resistance levels: 1.3881 / 1.4078

H1 chart's support levels: 1.3753 / 1.3608

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.3753, take profit lies at 1.3608 and stop loss is at 1.3901.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.