FX.co ★ Technical analysis of GBP/USD for March 28, 2014

Overview

In H4 chart, the pair failed more than once to break the Support area consisting of the lower limit of the bullish channel with the Support level of 169.20 and has been trading above it since yesterday. In today's H4 chart the pair bounced from the Support area again to continue its upward trend approaching the Resistance level of 170.50. Currently, it is prefered to wait for closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 171.50 then 172.75 as the second target. But closing below the Resistance level of 170.50 cancels the bullish move scenario. 

Resistance and support levels: R3 (172.75), R2 (171.50), R1 (170.50), S1 (169.20), S2 (168.50), S3 (167.75).