empty
 
 
20.03.2015 02:29 PM
Daily analysis of GBP/USD for March 20, 2015

The GBP/USD pair is still forming a lower low pattern below the resistance level of 1.4820. For now, we're wating for a re-test at the support zone around 1.4649. The bearish structure is still showing us enough downside force to continue dropping in the medium and long terms. Also, the 200 SMA at the daily chart is still bearish.

This image is no longer relevant


The Thursday's session had an interesting price action at the H1 chart, as the GBP/USD pair did a pullback at the 200 SMA and it failed to consolidate above that indicator. The pair is currently trying to break the support level of 1.4697 with a lower low pattern formation. In case of success, the next target is going to be at the support zone arond 1.4629, which is the March 18 low.

This image is no longer relevant


Daily chart's resistance levels: 1.4820 / 1.4948

Dailychart's support levels: 1.4649 / 1.4533

H1 chart's resistance levels: 1.4842 / 1.4921

H1 chart's support levels: 1.4697 / 1.4629



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 1.4697, take profit is at 1.4629, and stop loss is at 1.4770.

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