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.
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.