Daily analysis of GBP/USD for March 03, 2017

GBP/USD is trying to consolidate below the 1.2300 handle in the short-term, as the pair is weakening across the board. However, as the Cable is struggling to increase its acceleration, we can expect some slight rebounds to take place toward 1.2350. Such level should be the last one before to reach the 200 SMA at H1 chart.

H1 chart’s resistance levels: 1.2391 / 1.2546

H1 chart’s support levels: 1.2280 / 1.2123

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2280, take profit is at 1.2123 and stop loss is at 1.2434.

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

Source:: Daily analysis of GBP/USD for March 03, 2017