09.03.201513:25 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 09, 2015

Long-term review

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During the last week we saw very bearish trend of the GBP/USD pair, but now the pair has found strong support at the level of 1.5086 on the daily chart. Currrently, we could expect a retracement to the resistance level of 1.5247, but the current bias is very likely to go downside. Also, the GBP/USD pair could start to form another bearish pattern.

On the H1 chart, the GBP/USD pair is making a bullish retracement above the support level of 1.5097. This recovery is rather usual for this pair as the bearish momentum during the last Friday was very strong. By the way, the level of 1.5097 could be tested again and the GBP/USD pair could fall more and even reach new lows during this weak.

Daily chart's resistance levels: 1.5247 / 1.5364

Dailychart's support levels: 1.5086 / 1.4948

H1 chart's resistance levels: 1.5162 / 1.5221

H1 chart's support levels: 1.5097 / 1.5028

Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5097, take profit is at 1.5028, and stop loss is at 1.5163.

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