Daily Analysis of GBP/USD for April 22, 2016

Daily Analysis of GBP/USD for April 22, 2016

22 April 2016, 08:44
Roberto Jacobs
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Daily Analysis of GBP/USD for April 22, 2016

GBP/USD had a volatile session yesterday but it's still showing a sideways structure below the resistance zone of 1.4401, which remains very solid to the upside. Currently, a breakout higher will open the door to a possible advance toward the 1.4495 price level that the bears are waiting for, as it coincides with the March 17th highs.


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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