FX.co ★ Daily analysis of GBP/USD for March 07, 2016

GBP/USD is following the bullish bias above the 200 SMA on the H1 chart and currently can make a breakout above the 1.4183 level, with a near-term target at the 1.4267 level. However, the overall scenario is calling for another pullback before a rally ends in coming hours. The MACD indicator is entering neutral territory.

H1 chart's resistance levels: 1.4183 / 1.4267

H1 chart's support levels: 1.4069 / 1.3963

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 1.4069, take profit is at 1.3963, and stop loss is at 1.4177.