Daily Analysis of GBP/USD for April 29, 2016
The pair is still trapped in a bullish consolidation phase above the support zone of 1.4539, where the Cable did a rebound during yesterday's session. Currently, a breakout is expected to be held above the 1.4633 level, which should push the GBP/USD higher in order to test the resistance level of 1.4722 on a short-term basis.
H1 chart's resistance levels: 1.4633 / 1.4722
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 1.4722 and stop loss is at 1.4546.
The material has been provided by InstaForex Company - www.instaforex.com