23.02.201501:57 Forex Analysis & Reviews: Daily analysis of GBP/USD for February 23, 2015

Long-term review

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The GBP/USD pair continues to trade lower, but still on the bullish trend on the daily chart, as the pair tries to reach the 200 SMA on this timeframe. It should be noted that the near resistance zone is located at the level of 1.5491. A breakout on that zone will unleash bulls on the GBP/USD pair, at least in the medium-term outlook.

During the last session, the GBP/USD pair fell until the 200 SMA on the H1 chart, where this pair found dynamic support. This could be a good buying opportunity for the Cable, because the near term resistance is located at the zone of 1.5413. In case that the GBP/USD pair breaks that resistance, it would be expected to rise to the level of 1.5455.

Daily chart's resistance levels: 1.5491 / 1.5761

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5457 / 1.5508

H1 chart's support levels: 1.5413 / 1.5378

Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5413, take profit is at 1.5455, and stop loss is at 1.5370.

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