Daily analysis of GBP/USD for March 28, 2017

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GBP/USD broke above the resistance level of 1.2539 and now it’s
headed to reach the 1.2657 zone. If the pair manages to consolidate
above that area, we could expect another bullish wave to reach the
1.2718 zone in the short-term. However, the risk to the downside
remains alive and the 200 SMA still provides a nice dynamic support.

H1 chart’s resistance
levels: 1.2657 / 1.2718

H1 chart’s support levels:
1.2539 / 1.2420

Trading recommendations for today: Based on the H1 chart,
buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.2657, take profit is at
1.2718 and stop loss is at 1.2597.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of GBP/USD for March 28, 2017

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