Daily Analysis of GBP/USD for April 11, 2016

Daily Analysis of GBP/USD for April 11, 2016

11 April 2016, 07:53
Roberto Jacobs
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Daily Analysis of GBP/USD for April 11, 2016

GBP/USD is currently doing some corrective moves above the support zone of 1.4118, after a rebound that was made around the 1.4062 price level. The bullish move can be extended and the price could go towards the 200 SMA on the H1 chart, where a pullback can happen to resume the bearish bias. The MACD indicator is favoring the corrective scenario as it stays above the positive territory.


GBPUSDH1.png


H1 chart's resistance levels: 1.4163 / 1.4225

H1 chart's support levels: 1.4118 / 1.4062

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 1.4118, take profit is at 1.4062 and stop loss is at 1.4172.


The material has been provided by InstaForex Company - www.instaforex.com


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