Daily analysis of GBP/USD for February 23, 2018

GBP/USD didn't manage to consolidate below the support zone of 1.3939 following a false breakout on February 22. The 200 SMA is still offering dynamic resistance and if it manages to break above this indicator, the next target will lie at 1.4078. MACD indicator still supports the bullish scenario in the short term.


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, place 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