FX.co ★ Daily analysis of GBP/USD for March 22, 2017

GBP/USD is following the overall bullish bias across the board with a consolidation above the 200 SMA on the H1 chart. If the pair manages to break above 1.2512, then it can test the 1.2570 level, as the Cable is strengthening its structure in the short term. On the other side, if the Cable plunges below 1.2391, it can reach the 1.2292 level.

H1 chart's resistance levels: 1.2512 / 1.2570

H1 chart's support levels: 1.2391 / 1.2292

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 1.2391, take profit is at 1.2292 and stop loss is at 1.2493.