Daily analysis of GBP/USD for March 01, 2018

GBP/USD is on the way to reach new lows across the board, as the GBP is under pressure in the short-term. The nearest support lies at 1.3753, which is considered as a take profit zone. If the pair succeeds in break such area, it can plummet to test the psychological area of 1.3700. MACD indicator remains in the negative territory, calling for further downside.

H1 chart’s resistance levels: 1.4078 / 1.4209

H1 chart’s support levels: 1.3939 / 1.3753

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.3939, take profit is at 1.3753 and stop loss is at 1.4130.

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

Source:: Daily analysis of GBP/USD for March 01, 2018