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Daily analysis of GBP/USD for March 11, 2015

There is still enough downside room for more falls in the GBP/USD pair on the daily chart, as the pair is approaching the support level of 1.4948. Currently, it is forming a lower low pattern, so the bearish trend is getting more strength. It is still possible that GBP/USD will reach the low level of 1.4820 in the coming days.


GBPUSDDaily.png




The sideways moves continue on the H1 chart as the GBP/USD pair is still trapped in a low range between the levels of 1.5097 and 1.5028. The 200 SMA on the H1 chart is bearish and the MACD indicator is entering negative territory, so we could expect more falls to at least the support level of 1.4948 in an intraday outlook.


GBPUSDH1.png




Daily chart's resistance levels: 1.5086 / 1.5247


Dailychart's support levels: 1.4948 / 1.4820


H1 chart's resistance levels: 1.5097 / 1.5162


H1 chart's support levels: 1.5028 / 1.4948






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 1.5028, take profit is at 1.4948, and stop loss is at 1.5108.


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