For Traders

Analytical Reviews

Technical analysis

15.03.201600:43 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 15, 2016

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.

GBP/USD seems to be trading inside a corrective move towards the support level of 1.4267, where a rebound should happen to resume the bullish bias. The H1 chart is still pointing to the upside and the pair can perform a breakout above the level of 1.4396, in order to reach new highs. The MACD indicator is entering oversold territories, so it is highly possible to see further rebounds.

H1 chart's resistance levels: 1.4333 / 1.4396

H1 chart's support levels: 1.4267 / 1.4190

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.4333, take profit is at 1.4396 and stop loss is at 1.4271.

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.