empty
 
 
03.03.2014 01:47 AM
Daily analysis of GBP/USD for March 03, 2013

Daily chart: GBP/USD opened this week with a bearish gap although the pair remains very strong in the current bullish bias. For this week, it is likely that this pair have to contend with the strong resistance level of 1.6766. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6851, which would strengthen the bullish trend. The MACD indicator is entering neutral territory.

This image is no longer relevant

H4 chart: This pair has found resistance at the bullish trend line near the 1.6760 level, so this week, the GPB/USD will try to consolidate above this level to go up to the resistance level of 1.6822. On the other hand, keep in mind that this pair has formed a fractal near the trend line. If the pair manages to make a breakout at the 1.6667 level, it's expected to fall to the level of 1.6644. The MACD indicator is in positive territory.

This image is no longer relevant

H1 chart: GBP/USD remains above the 200 SMA and the support level of 1.6700. Recall that this pair is making corrective movements to form a bullish pattern. If the pair manages to make a breakout at the resistance level of 1.6750, it's expected to rise to the psychological level of 1.6800. The MACD indicator is in the overbought zone and entering neutral territory.

This image is no longer relevant

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 at 1.6750, take profit is at 1.6800, and stop loss is at 1.6700.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback