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02.03.201511:56 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 02, 2015

Long-term review

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We are still watching bullish moves in the medium and long term for GBP/USD as the pair continues trying to reach the resistance level of 1.5491. There is a room for a new bullish momentum, but buyers will get stronger when a breakout at that resistance zone happens. If it is successful, there will be enough room for taking advantage of the bullish momentum until the next resistance placed at the level of 1.5761.

On the H1 chart we can see a consolidation below the 200 SMA, that could jeopardize our current bullish intraday outlook on GBP/USD. By the way, there is still a chance that the pair could perform a breakout at the resistance level of 1.5413 with a target placed at the level of 1.5455. With a pullback at the current levels, the GBP/USD pair could test the support level of 1.5340.

Daily chart's resistance levels: 1.5761 / 1.5957

Dailychart's support levels: 1.5491 / 1.5247

H1 chart's resistance levels: 1.5413 / 1.5455

H1 chart's support levels: 1.5340 / 1.5257

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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