Daily Analysis of GBP/USD for April 15, 2016
On the H1 chart, GBP/USD has been doing a rebound above the support level of 1.4108, after it performed a decline from the April 12th highs. However, we're expecting that the Cable re-tests the support zone of the 1.4108 level and eventually we may see more downside after a breakout of that level, towards the April 6th lows.
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