24.03.201512:06 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 24, 2015

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.

The GBP/USD pair is currently dealing with the resistance level of 1.4948 as the pair is looking to reach the zone of 1.5087 in the near term. Currently, there is still high chances that GBP/USD could extend the corrective move to that level, but the lower low pattern on the daily chart is still alive, so the bearish outlook is there too.

The intraday view is showing us a bullish consolidation above the 200 SMA. The pair continues to find support at the level of 1.4921 and on the H1 chart, the GBP/USD pair could reach the resistance zone of 1.4984. If GBP/USD gains bullish momentum above that zone, it would be expected to rise to the next upside target at the level of 1.5041.

Daily chart's resistance levels: 1.4948 / 1.5087

Dailychart's support levels: 1.4820 / 1.4649

H1 chart's resistance levels: 1.4984 / 1.5041

H1 chart's support levels: 1.4921 / 1.4842

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 1.4921, take profit is at 1.4842, and stop loss is at 1.4998.

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.