Daily Analysis of GBP/USD for April 19, 2016
The week started with a bullish momentum on the GBP/USD, as it has been doing a rally above the 200 SMA and is now facing the resistance zone of 1.4278. We should expect that zone to push the Cable lower to resume the overall bearish bias, but if we want to validate that scenario, we should wait for a breakout below the April 14th session lows.
H1 chart's resistance levels: 1.4278 / 1.4318
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 1.4287.