FX.co ★ Daily analysis of GBP/USD for February 18, 2016

The pair continues to look for support above the level of 1.4282 after a strong rejection took place over there. However, we can expect a rebound towards the level of 1.4369, because it should correct the decline held on February 16. At the H1 chart, the 200 SMA is still pointing to the downside and the MACD indicator is entering the neutral territory, which means that the GBP/USD pair still trades with an uncertainty bias.

H1 chart's resistance levels: 1.4369 / 1.4436

H1 chart's support levels: 1.4282 / 1.4206

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is seen at 1.4282, take profit is at 1.4206, and stop loss is at 1.4470.