04.03.201511:02 Forex-elemzések és áttekintések: #USDX technical analysis for March 4, 2015

On the daily chart we can see that the nearest target in the downside road is still located at the support level of 1.5247, because the GBP/USD pair continues to be bearish. The strong rejection by the resistance level of 1.5491 is a clear indication of weakness that this pair is currently having and maybe it is a new start of the general bearish bias, which could be confirmed with a consolidation below the level of 1.5050.

The bearish structure is more clear when we look at the H1 chart, as the GBP/USD pair is being consolidated below the 200 SMA. The fractals formed above the current levels of this pair could be a confirmation of a new short-term bearish trend that GBP/USD is currently riding and, for now, we would expect more falls.

Daily chart's resistance levels: 1.5761 / 1.5957

Dailychart's support levels: 1.5491 / 1.5247

H1 chart's resistance levels: 1.5413 / 1.5455

H1 chart's support levels: 1.5340 / 1.5257

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 1.5340, take profit is at 1.5257, and stop loss is at 1.5423.