Daily analysis of GBP/USD for March 02, 2018

The pair is extending losses across the board and the price action is moving below the 200 SMA at H1 chart. Currently, GBP/USD is forming a lower low pattern that could allow another leg lower towards the support zone of 1.3608, once the 1.3753 level gives up to the bearish force. MACD indicator stays in the positive territory, which could favor to a rebound.

GBPUSDH1.png

H1 chart's resistance levels: 1.3881 / 1.4078

H1 chart's support levels: 1.3753 / 1.3608

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 1.3753, take profit is at 1.3608, and stop loss is at 1.3901.

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