Daily Analysis of GBP/USD for April 13, 2016
The pair has been trading into a bullish tone above the 200 SMA at H1 chart, after a rebound that was performed during the American session of yesterday. Currently, we can expect another breakout above the 1.4278 level, to re-test the 1.4315 price zone and eventually, Cable may strength the upside trend in coming days over there.
H1 chart's resistance levels: 1.4278 / 1.4315
H1 chart's support levels: 1.4225 / 1.4163
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 1.4225, take profit is at 1.4163 and stop loss is at 1.4288.
The material has been provided by InstaForex Company - www.instaforex.com
