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08.03.201723:16 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 09, 2017

Long-term review

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The pair is doing a bearish consolidation below the 1.22 handle, as the support zone of 1.2123 continues to be a strong area where buyers can help to lift GBP/USD in order to resume the uptrend toward the 200 SMA at H1 chart. However, as long as the pair stays below that moving average and very close to the Bollinger band, it can target the 1.2034 level.

H1 chart's resistance levels: 1.2300 / 1.2400

H1 chart's support levels: 1.2123 / 1.2034

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2123, take profit is at 1.2034 and stop loss is at 1.2216.

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