Daily Analysis of GBP/USD for April 27, 2016
The H1 chart structure is still bullish, but be cautious when doing intraday trading on the Cable, as it scopes to do another rally toward the 1.4714 level. However, a pullback is expected to reach the support zone of 1.4495, in case the bearish scenario gets some strength in coming hours. The 200 SMA is supporting the bullish scenario.
H1 chart's resistance levels: 1.4633 / 1.4714
H1 chart's support levels: 1.4549 / 1.4495
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 1.4633, take profit is at 1.4714 and stop loss is at 1.4549.
The material has been provided by InstaForex Company - www.instaforex.com