10.03.201511:43 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 10, 2015

Long-term review

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On the daily chart, the GBP/USD pair is forming a lower low pattern below the resistance level of 1.5086, where we could expect a fall to the support level of 1.4948. The zone mentioned above is important, as the GBP/USD pair could strengthen a bearish bias in the medium and long terms and the price is currently on the bearish side.

The pair is still below the resistance level of 1.5162 and that zone has already produced some pullbacks in GBP/USD during the last hours. Currently, the GBP/USD pair is trying to break the support level of 1.5028 again. If it is successful, the next target is seen at the level of 1.4948 in a very short term. The MACD indicator is still in the negative territory.

Daily chart's resistance levels: 1.5086 / 1.5247

Daily chart's support levels: 1.4948 / 1.4820

H1 chart's resistance levels: 1.5097 / 1.5162

H1 chart's support levels: 1.5028 / 1.4948

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 1.5028, take profit is at 1.4948, and stop loss is at 1.5108.

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