There is still no bottom found for the GBP/USD pair. It continues falling and getting strength in the bearish bias. It should be noted on the daily chart that the pair did not formed fractals over the last weeks. That is important as the GBP/USD pair still has enough room for more bearish movements in the medium and long terms and the MACD indicator is a proof of that.
During the friday session, the pair did a rebound at the support level of 1.4697 and now it's forming a lower low pattern. Now, the resistance level of 1.4844 could be reached in the coming hours, as the GBP/USD pair is trying to recover from recent falls, but the bearish side continues to be very strong in the near term.
Daily chart's resistance levels: 1.4820 / 1.4948
Dailychart's support levels: 1.4649 / 1.4520
H1 chart's resistance levels: 1.4844 / 14893
H1 chart's support levels: 1.4746 / 1.4697
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 1.4746, take profit is at 1.4697, and stop loss is at 1.4796.
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 16, 2015 . Thanks for your support.
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