empty
 
 
11.03.2014 03:30 AM
Daily analysis of GBP/USD for March 11, 2014

Daily chart: The GBP/USD has dropped below the support level of 1.6663, so the bullish bias is endangered. If the pair manages to form a higher low pattern at present levels, it would be expected to fall to the support level of 1.6540. On the other hand, if the pair manages to break the resistance level of 1.6663, it's expected to rise to the level of 1.6766. The MACD indicator is in negative territory.

This image is no longer relevant

H4 chart: GBP/USD is forming a bearish pattern above the bullish trend line near the 1.6640 level. If the pair manages to consolidate below that level, it would be expected to fall to the support level of 1.6592. On the other hand, if the pair manages to break the resistance level of 1.6644, it's expected to rise to the level of 1.6667. However, it is very likely that this pair will make a bullish rebound at 200 SMA. The MACD indicator is in negative territory.

This image is no longer relevant

H1 chart: This pair is moving into a low range near the support level of 1.6629. However, if this pair makes a bullish rebound at the current levels, it is expected to rise to the resistance level of 1.6700. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6750. The MACD indicator is in positive 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 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.

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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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