FX.co ★ Daily analysis of GBP/USD for March 23, 2017

The pair continues to follow the upside bias above the 1.2400 handle across the board, as the resistance zone of 1.2512 still provides a nice barrier to cap further gains. However, if GBP/USD breaks below 1.2391, then it can plunge to test the 1.2292 level, which is below the 200 SMA at H1 chart. MACD indicator is turning flat, favoring for sideways.

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.