Daily Analysis of GBP/USD for April 26, 2016
GBP/USD is looking to trade at higher levels after a successful breakout above the resistance zone of 1.4401 and now we can expect some sideways consolidation before another key break to strength the bullish bias. If the cable succeeds in consolidating above the 1.4495 level, then we can see a rally toward the 1.4549 level.
H1 chart's resistance levels: 1.4495 / 1.4549
H1 chart's support levels: 1.4401 / 1.4318
Trading recommendations for today:
Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4495, take profit is at 1.4549 and stop loss is at 1.4443.
The material has been provided by InstaForex Company - www.instaforex.com
