In the H1 chart, we can see a higher high pattern formation above the support level of 1.4373, where a breakout could happen towards the level of 1.4466. We should note that the level of 1.4423 remains very strong, as during the sessions on February 1 and February 2 an inflection area was formed over there.The 200 SMA is slightly bullish supporting the current upside scenario.
H1 chart's resistance levels: 1.4423 / 1.4466
H1 chart's support levels: 1.4373 / 1.4298
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is found at 1.4406, take profit is seen at 1.4531, and stop loss is at 1.4383.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for February 03, 2016 . Thanks for your support.
No comments:
Post a Comment