Daily Analysis of GBP/USD for April 18, 2016
The pair is trying to ride a bullish trend above the 200 SMA on the H1 chart, but it seems it could restart the overall bearish bias toward the 1.4108 level. If a breakout happens below there, then we can expect another decline to the April 6th lows. The Cable is expected to find strong resistance at current levels.
H1 chart's resistance levels: 1.4225 / 1.4278
H1 chart's support levels: 1.4163 / 1.4108
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4163, take profit is at 1.4108 and stop loss is at 1.4217.
The material has been provided by InstaForex Company - www.instaforex.com
