Daily Analysis of GBP/USD for April 28, 2016
GBP/USD has been doing a decline from the highs reached during the April 26th session. Currently, we're seeing that a strong support was found around the 1.4495 level, where the buyers are highly active on a short-term basis, because the overall structure on the Cable is still calling for more upside. However, we should bear in mind that the pair could have reached overbought conditions.
H1 chart's resistance levels: 1.4549 / 1.4633
H1 chart's support levels: 1.4495 / 1.4410
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 1.4549, take profit is at 1.4633 and stop loss is at 1.4465.
The material has been provided by InstaForex Company - www.instaforex.com