Daily Analysis of GBP/USD for April 14, 2016
GBP/USD is trying to test the support level of 1.4163, where a breakout can happen to reach new lows. We should keep in mind that a strong resistance is placed around the 1.4278 level, which is also giving us the path for a short-term basis. In coming hours, we could expect a downside continuation to resume the bearish trend.
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