FX.co ★ Daily analysis of GBP/USD for March 09, 2018

GBP/USD remains capped by the key psychological level of 1.3900 across the board and such price action could continue for the rest of the week. A break above March 6th highs should expose the resistance level of 1.4078, but a pullback at the current stage remains a possibility in the short term. MACD indicator stays in the negative territory, favoring the bears.

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, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.3753, take profit lies at 1.3608 and stop loss is at 1.3901.