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.
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.