Daily analysis of GBP/USD for March 01, 2017

GBP/USD had another negative session with the help of a strong dynamic resistance offered by the 200 SMA at H1 chart. Currently, the pair is attempting a breakout below 1.2414 in order to reach the 1.2360 level as the first target to the downside. If such scenario happens, then we can expect further declines to test the 1.2300 psychological level. MACD indicator is favoring the bears, as it remains in the negative territory.

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H1 chart’s resistance levels: 1.2546 / 1.2633

H1 chart’s support levels: 1.2414 / 1.2360

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2546, take profit is at 1.2633 and stop loss is at 1.2462.

The material has been provided by InstaForex Company – www.instaforex.com

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