GBPUSD 4-3-2015

GBP/USD forecast: Critical moves are coming

GBPUSD 4-3-2015

GBPUSD (currently at: 1.5335) is giving the signal of limited bearish move to 1.5195. Honestly, I can not recommend buying above this level. The BOE has a scheduled meeting tomorrow (5th, March) and personally, I am not expecting too much from tomorrow’s meeting, Rate hike is not that close in the UK and if they do it tomorrow, this would be a MARKET SURPRISE that will push everyone to buy GBPUSD and it might travel to 1.5800 in few minutes. However, my technical overview can not see a break to 1.5560 without falling again to 1.5200 level. I recommend buying this pair and use good enough stop loss because it might fall a little bit before going up to break 1.5560

The GBPUSD has the following major resistance and support levels:

  • RESISTANCE: 1.5560
  • SUPPORT: 1.5200

Breaking these levels in any direction will take us higher or lower.

My Daily BUY/SELL advice (30 pips stop loss applied):

  • Sell: at 1.5335 – Take profit 1.5235 (100 pips profits)
  • Buy: at 1.5560 – Take Profit 1.5590 (30 pips profits)

This review is valid during trading week: 4th-6th March, 2015