GBPUSD Intraday Technical Analysis for March 16

Hi María here. I want to wish everyone a great friday and a of course a great weekend, hope everyone rest and have fun.

Do you know?

InstaForex Company gives you the opportunity to work with 107 currency tools, 34 CFD contracts on American shares, as well as to handle GOLD transactions and also renders ECN-broker services. Open your forex account now www.fx-megaforex.com

The Intraday support level 1.5640 showed the presence of bulls which absorped the bearish movement initiated at 1.5740.

The GBP/USD pair has an intraday resistance level 1.5700 - 1.5710 which is passed through though without obvious bullish stabilization above.

The pair has another resistance area at 1.5750 -1.5760 corresponding to the upper limit of the yellow channel which is expected to be defended by bears.

A breakdown of this resistance level enables the pair to resume the bullish movement within the violet channel towards 1.5800.

A breakdown of the lower limit of the violet channel at 1.5690 opens the way for a quick decline of the GBP/USD pair towards 1.5620-1.5630.

Have a great day!

María

www.fx-megaforex.com

Smart solutions for your professional trading.