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15.03.201723:26 Forex Analysis & Reviews: Daily analysis of GBP/USD for March 16, 2017

Long-term review

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GBP/USD crawled up during Wednesday's session following FOMC's decision to hike rates by 25 basis points as expected. Currently, the pair is facing the resistance zone of 1.2300, where bulls are trying to push higher in order to test the 1.2409 level as the next key hurdle for buyers. However, if the pair manages to pull back at such level, we can expect a decline to test the 1.2200 handle.

H1 chart's resistance levels: 1.2300 / 1.2409

H1 chart's support levels: 1.2197 / 1.2123

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 1.2197, take profit is at 1.2123 and stop loss is at 1.2272.

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