Daily Analysis of GBP/USD for April 20, 2016

Daily Analysis of GBP/USD for April 20, 2016

20 April 2016, 08:47
Roberto Jacobs
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Daily Analysis of GBP/USD for April 20, 2016

GBP/USD has been trading into a very bullish tone above the support zone of 1.4318, after the Cable made a huge rebound from the 1.4278 level and now it's expected to test the 1.4495 level, only if the GBP/USD does a rally toward the 1.4495 level. Our bullish outlook will remain there on a short-term basis.


GBPUSDH1.png


H1 chart's resistance levels: 1.4401 / 1.4495

H1 chart's support levels: 1.4318 / 1.4278

Trading recommendations for today:

Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4401, take profit is at 1.4495 and stop loss is at 1.4303.

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