FX.co ★ Daily analysis of GBP/USD for March 02, 2017

The pair is currently testing the support zone of 1.2280, where a breakout is likely to happen in order to reach the 1.2100 handle across the board. So far, the Cable has consolidated it's structure in the near-term below the 200 SMA at H1 chart and such move should deliver more weakness. In the case of a corrective move, GBP/USD can test the 1.2400 psychological level.

H1 chart's resistance levels: 1.2391 / 1.2546

H1 chart's support levels: 1.2280 / 1.2123

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2280, take profit is at 1.2123 and stop loss is at 1.2434.