For Traders

Analytical Reviews

Technical analysis

15.03.201622:55 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 16, 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.

The H1 chart is still showing a strong support around the 1.4141 level, where a rebound can happen towards the resistance zone of 1.4190, in order to attempt a breakout higher to resume the overall bullish bias. However, if GBP/USD continues to remain stronger in the decline, then we can expect a fall to the 1.4053 level. The MACD indicator is at oversold conditions.

H1 chart's resistance levels: 1.4190 / 1.4267

H1 chart's support levels: 1.4141 / 1.4053

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 at 1.4190, take profit is at 1.4267 and stop loss is at 1.4111.

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.