During the Thrursday session and early today, GBP/USD broke the important support level of 1.5247. Now, the downside target is placed at the level of 1.5086, where we wait for a rebound on this pair. Also, all those bearish movements could be srtengthening of bears in the medium and long term, because the MACD indicator is at negative territory and the 200 SMA on the daily chart is bearish.
The bearish streak continues to be alive on the GBP/USD pair, and the H1 time frame is showing that all oscillators and moving averages are supporting the bearish outlook. Now, we could expect a lower low pattern to try to break the support level of 1.5161 in order to reach the level of 1.5097 in the short term.
Daily chart's resistance levels: 1.5247 / 1.5491
Dailychart's support levels: 1.5086 / 1.4948
H1 chart's resistance levels: 1.5202 / 1.5257
H1 chart's support levels: 1.5161 / 1.5097
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 1.5161, take profit is at 1.5097, and stop loss is at 1.5226.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for March 06, 2015 . Thanks for your support.
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