FX.co ★ Technical analysis of GBP/USD for February 27, 2014

Technical outlook and chart setups:

1. The GBP/USD has backed off the 2014 highs at 1.6800 levels for now. As seen here, the  support line remains intact and prices are still in the buy zone. It is recommended to remain flat for now, and get further clarification.

2. Immediate support is at 1.6250, followed by 1.5850, 1.5420 and lower, while resistance is at 1.6800 respectively.

3. The structure reveals that till the pair remains in buy zone of the trend line, bulls are in control and would want to drag prices higher than 1.6800. On the other hand, a break of trend line support and subsequently 1.6250, would be bearish.

Trading recommendations:

Flat for now.

Good luck!